A house owner plans to buy a fire insurance for his house worth $100000, suppose there is 10% chance of house catching fire which will cause him damages worth $40000. Find the amount which the person is willing to pay over and above acturially fair price of the fire insurance if his utility function is U= W0.5 (where W = wealth ) ? 460 4460 O 500 4000Consider Solow growth model provided with an aggregate production given as Y = K1/312/3, with population growth rate of 2% , technological advancement rate of 1 % and depreciation rate given as 2% . Also it is provided that marginal propensity to consume in the economy is 0.8. ? What is the long run equilibrium level of output/labor ? O 8 O 1 1.99 OAccording to Malthus' Analysis of population and food, which of the following did he fail to envisage? O Improved contraceptives O Technological change/ Innovation None of the above Both (A) and (B)Lee is a hospital Nurse in Colombo and in 2000 she had yearly salary of $60,000. In 2010 she earned $92,000 as salary. The Price Index representing her buying power in 2000 was 100 and in 2010 it is 164. In 2011 Lee decided to keep working at that hospital and her new salary of 2011 is $108,000 per year and the 2011 price index is now 171. Now, what is the approximate value of her buying power now expressed in 2000 dollars? $26,900 O $31,579 $29,466 $32,927