1) Imagine you are the prime minister of a South American country battling the Covid-19 pandemic. Choose any South American country to rule. Use data fromourworldindata.org (website)to answer.

On the 8thof September, 2020, what was the number ofbiweekly confirmed cases per million peoplefor your chosen country? (Note: Feel free to round up/down to an integer).

(1 mark)

Imagine that your citizens use the number of biweekly confirmed cases per million people in theUnited Statesas their reference point. Suppose the difference between your citizens' reference point(RP)and your countries biweekly cases per million people(BC)determine your citizens' valuev(x),where( = ).

Assume that your citizens' value function is

v(x)= 3x for losses (x < 0)

and

v(x)= x/2 for gains (x 0).

1. What was your citizens' value on the 1stof June 2020?(1 mark)
2. What was your citizens' value on the 15thof June 2020?(1 mark)
3. Comparing your citizens' values for i) and ii) above, would you say you did well in managing the outbreak at the beginning of June?(1 mark)
4. Would your answer to iii) be different if your citizens' reference point was your countries own case counts two weeks earlier (i.e.RPon the 1stof June isBCon the 18thof May)?(1 mark)