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Partial Insurance: Bronzevoice sells concert festival tickets to a popular concert festival held in the desert. A customer has already bought a ticket. There is a 10 % chance that the festival is cancelled last minute, and the consumer must spend an additional $500 to buy tickets for another festival to see their favorite bands. Bronzevoice additionally offers insurance at a price X in case the festival is cancelled. This insurance provides the customer with a $ 500 voucher to see another festival. Assume the customer has a starting wealth of $600 and has utility u(w) = v(w) (a) What is the expected utility of the consumer if they were to not purchase insurance? (b) Solve for the the Optimal Insurance premium for full insurance for the ticket. . Premium = (e) TRUE OR FALSE: Given the optimal insurance premium, the consumer takes the insurance. For the remaining questions, suppose Bronzevoice undergoes some restructuring and decides to cut insurance coverage by half. (d) TRUE OR FALSE: Suppose Bronzevoice decides to keep the same insurance premium from prior to the restructuring. Given that insurance now covers $250 rather than the full $500, the attendee does not buy insurance. (e) Suppose Bronzevoice hires an economist, who tells them to recalculate the insurance premium given that the firm now only offers half insurance. What is the new optimal insurance premium? . Premium = (f) TRUE OR FALSE: Given the new insurance premium from the last problem, the attendee does not buy the insurance. (g) TRUE OR FALSE: Suppose the probability of cancellation increased to 50%, and the insurance company recalculated its premium. The consumer would not buy insurance