For questions 9-14, consider the following scenario. When Jack is uninsured, his price" to go snow skiing is $1,200 and he goes 1 time per year. When Jack is fully insured against the medical costs of skiing accidents, his snow skiing price falls to $800 he goes 2 times per year. 9. Explain the intuition behind the why the price of snow skiing decreases with insurance. 10. In a graph with "Snow skiing price" on the y-axis and "Number of ski trips per year" on the x-axis, draw Jack's demand for snow skiing. Shade the region that represents the social loss that is generated by Jack being fully insurance against the medical costs of snow skiing accidents 11. What is the amount of social loss that is generated by Jack being fully insured against snow skiing accidents (i.e., give a specific number) 12. Suppose Jack does not purchase full snow skiing insurance, but instead chooses to purchase partial snow skiing insurance. Under this partial plan, Jack's price of snow skiing is $1,000. Redraw your graph from question 10 and shade the area that represents social loss under partial insurance. 13. What is the amount of social loss that is generated by Jack being partially insured against snow skiing accidents (i.e., give a specific number) 14. Suppose Jack chooses not to purchase insurance that covers the cost of skiing accidents. Instead he chooses to purchase an insurance plan that fully insures against medical costs from skin cancer. Like skiing insurance, this full skin cancer insurance will lower Jack's price of skin cancer from S1,200 to $800 per year. Is there any reason to believe the insurance against skin cancer will result in more or less social loss than the insurance against skiing accidents? Explain