oly }ignou || THE PEOPLE'S ’ | UNIVERSITY Name: fiyush Ahanmna Enrolment number: 200% 364% 81t Regional Centre Code: 24: DELHI 2C-RAIGHAT) Study Centre Code: 764 (Shyaen lal Gulege) Programme Code: MEC * MASTER OF ARTS CEcomoniics) Course Code(s) of attached assignments: HEC -1 OL Mobile number: 1049274469 Email ID: piyuoh. sharma. 4p Ogmailiown; Rani Arete ignou Soren ROR. noe PEPEORLS Indira Gandhi National ‘Open University ‘Maidan Garhi, New Delhi - 110068 NOU sudan deny Crd Enrolment Number: 2007369817 RC Code: (29: DELHI 2 (RAJGHAT) pamectthe ME : MASTER OF ARTS (ECONOMICS) PIYUSH SHARMA’ NEERAJ KANT SHARMA 20073 Kalnthari Bhawan, Saipau road DholpurDHOLPUR RAJASTHAN 328001 Te Sremttnontent comet: cate Feber et rare eoiaeeaee Rae naracamoee eee SiS Snake2007364617 Gg SECLEON-A Quertion La) Elueidate frie and oufout detenwninalton Under Couret anol Abchetberg wsdols of Odigopety: Powers fan kigojr0ly exnt hen trere ant fu Cxtramae manrtet pfruchre om wore nen ore payn en the morteet shoving one cdlom neha pager ond compehhon or wha a few firms clowinale He wnarket fon goods arf deamice . The wrorket olecimors reals nfnong rate! prtercloperclene yar a finns achon Penge of nethry Me pace hod a rohceaber ffeet ow its rived finer wel Thaw ae bikeky be peect 1h Price. owel Output Ptermenahon unokr} Cournells wedel cach duapeliot thinks tret nyarslys fr 2chond awl the affects “pon the worktop Tew noduck te ofthe rk go on pradeci fhe dene comrtrock Counret model ays te ovtpul of firm in hue tural of compehibve outpub aed the price uo heo-trird, Ar 40 (hort propia ie wonopely pace ptackelberg waded? The producr wrolr fre dias poly Dpchi iwtegraden tre dacidron Level of ein rived ft thay, jndegnaden sn thy ow profit fvnchon and thereby MAXI 20n | propit 1 Thy Leade,- puowm plahan Funenen, Ee200% 4648 L4+ Kee w) Jowriden gp market for eversy lrindar covsishiy only ove firm. The [rn Mera hrean cont GirCeg) 2 Ay whee 4 rapremute quanhty procluecs pre finn. The market invore demand (rnetor “7 giver by PLR) = 24-20, whew Q rsprererd fohl sreluntuy a (i) Who price wlth pre finn 1 what quant 4 Paks wrt Oe eee 1 u Bayon Profit = Tol suenun - fob! coat Profit= (Paice) LOusudily praluced). Crverg cont) (Quonthhy pralucel) a bine a perfectly compohie firm a on pace fon Ls octput’ a» ceeruained by He pradas wranteet dewend awed pupply yt canrol chaote th prove ib cherger Pace in Obready cbdenrined ir prof aguoho, ¢ wnuls at ecactlhy DOL pure.2007364 BLE GW) Mow Dupe A yweond fim won the merlets The seord fim han 2n identical cart function. whol wt be te 5 i d Convent epuitibrium output for cach f ae horse: Guppare finn 1 ker finn 25 output phos ge a> gittr. Tan finn I problenr i> 40 WhaiPrace LFS profi by chacning ‘ts ouput bevel g.If finn | producer qe wunit gare) finen 2 procktcer qa unds ther fol quackly applied im qs tan Pine Oo gry The wrenkel pre ul be P2130-q,;-Gr Fines a5 profit wrawiuclaation problem * war 10.Cqyqe) 7E V-Cqt 42) lq - dys Flast grdon covotitor> > dF 1-Gy tgp) 4b DLIA* 0 oF =) 20-243 G27 214 1 = (2O-qz 24. > 12042 Zz1207 Wagry ign VW wWhak in maceiozs og vs Di Dr ssn oS put pe tack finn if for 2 olor recavol / : did+ Braaune wyrmmmednrgyin cquilibninn loot fiers, vail tov. Whe pene hweb o atps. Ther we car MAO 420, avel hohe Q2 > 33-35-0502 O2 =22-22 Dine hot firms wi ches He pave fovtl of output, botu flew oA paveliier 2D uiit > foaea cou bee fen tng rectanticting dhe quankly fpr toch fim | plo nreskel dourends Zhirs jmpen rat He parie | wil be f 300 -MALA > LEST20073646! F ogee a Hew wach propre wilt toch bim mnehe wr Connouk gemma) How meh un phckel borg? frome huppore = The wrsvofrlisks popan > do praxtn Ze popt by chopping te ovdput fo), The prope wrens 2ehon problen & werepelet s WEY Jlnel 130-O)Q- 10g a First ordor cevpslOhows ' a5 > 0-2 + ol-t)-4o°0 =) 420 -22=O 2)2Q = 126 2)Q>60 bo We prnofet proxi wzation Cqutle Prion output of prorepoltst %» Qm=O The pope manning ag yitalprivun pre of wworepelst Pps t20-@Wmnz!t0-66>F0 Gquitibrsun prolh af wore pelist un ; le mL Pan) Bur e C7o-'O lo 2 360020073648L¢ wyluich fupe Go martet Je commer paper” why? Wr in dive pat - ln a dtrear dbshelerg (® orel Counret lL) duspoig woiel wills hewegeroen Foie! Shs yell faawn trot Seles ere puaplon ther 6. The compote of clare (or vhioting pei) hover con go bof? radio aloo dedruiven te quolikhle hype of, Gquiliaivnn . Worepoly wn retrrletled! fom latin Gand CU end ory Uf the nah? abso deteumies te qué eee hype 4 quildpriuan for velusr phuon YD ard2 the rizckebhag feackey Sedors eat oan ineffytewt plex hele potucing woe Mer 4g moropoltt woJd.2007364 §17- Avawer 23 mDuxa <> (4) lot a toe bby frebion s vidal A ard & fe Use win aM) ond = meu (Xb n 5 CB Ye) ohare Ki ont YI for I> { A483 mpd etna ae YX ard V reppobuely «Pokumte the ogpaph Unvebly ve rtudy te phasioun & the weet wiry te fraditovel rupAy 2 dewers fhamewer Treg the vse of sep ant Aeeransl Prawn 7 oe dane detemmined fre cquililariun price ord Epuusbilrds quontity we difpovt dyp> markets. Tr hye analrynrs af markt covebitionn jo cable! pont quit ivan ovals whee ue ook at the dehann pants 4 price av quantity Wa bh nahiral cakroon fo the chor agp of analpyys ‘wn gern oq whi brawn archy ys on bow pemrend and puyy covelifon itnst on Aenerah marke pf deters te pre o> A commen fool I gervel ed oral bis id edlyeuontn : — 7 box which D The phucky of wtorachsv af hoo jvdtyeluals TrochiinyArona 2b 2007360817 Retisn tren treluct budget ina for hee 4 Loreumenrd= » the Edgewoth box Wen dre concept af jwitial entowowents lor ineme’)An Initial erctocomment tol neprorerts the amourt af commucien ALY prdividual Ag hove availeble Lefne drake , Thr Ke) 7 WA end Chia) Wp whee Wh avd wp Aaproneits Ns avd Bis ptidet enclounat, Height of Clyerodte ben repurer® te dole! aac of conurodty Y avoilalte auel The vallt cf Edepoonte box Aepesests pre toed norte of Comurcdoby X quatlabe. ln the ebnace of protectin Ne diwenmo 4 pox ruredd commfat. Ove god a greed equalidriunn arab oo op be Akin yuk D> pow p wale indiviclel A? avel/an ndivele® B Inttr of Hersh proces of harge given tren pill crolow ments. for cxcimph a drade yur that then foo mreliviclials mock bp put B wn He chiasporn udlel water prs, b pln df uittrend haw BA,, 200364g) + SECTION-I2 5 Dr bEn cay Sletic aes @ Ayrome Gu: In a plake an g yirmulkroouns moe qome phyers pret one kire pmettareoualy dey Jowe worttr Ppesetiel inane fathr under calgon af obprrems goune. Fon gome Yreay sequenhil game ina game wher on ploser chaorea thein achon lefors the otters cheow Hrean, Vepontevaty ste laden players mut hare lowe trforret 4 finde cheicegothasine tre Aiffrerce br fwe would hove ho dtaa tye oft» dequertte! gare havece are gottaned by the fire axis, Orel Aeprosertition An foray f feciron treed. rely red watrenrctically Urthe cerbinedeTs! gaye fiery Reeirion tees dra eXersve form of dyrank gare Met proves tmporerabion on the porzlole wayd Hed a gier gowe con be phot A kay diffpourse ip trek i a Behe goure re hew mprowrebbur i> rertaled bang & the plag» Aunty gowe gore troy wake Pai olay. The prdroreds lidemna b> cecompe rk Ak Gan,2003369814 Unbikee 9 requantiol Goren Dimthcrasn on oor hae a dime axin ap plypr> chow Heirmecn witha being sun of otters tnd ans wrnally paproretsel an fron pg thh wedecor- txienrive fpr reporriahors are usually wee! fon paguentiol ganen yince theg Caplieethg LLivsrak the questa aspack, C4 go Covabyatonieh bi woualty equa gone push ad chem yuprile cher Pakgerns? fiz —tac—lve orale ake ecanper & peg usahial gone: The rise af feeivo” free zar vary avcorcting fo fic -lac he- fo covepln Aociser be af cher ~o lange tel Cowmprte® Cauvet wap it comp btly , lu requerted ger att pet wnforumetow 7 4 pedegene poet aquilibivn Com kh fore bch ward pacdurction + Frtersive form neprerentahor> Clos dually urea Acquenhss gamv poince Hoey 0X. [P used iobrarlase Tae own wk foltes hp Ing doh in cgrltoot oan? % gare treaty 19 Jo-lax200256481 9- boouer 36) GI Con baclewonrd ircbicton be applral iw Peo geome be fd a pokubin 7 Avr: Bickword incwetiin Aas ben ureet fa Dole famer rive Solin vow" Mewnenn arol Ophar Mongerstern CAeblished game Praary ao an acedime pebject-™ beoke! Theory of gover ancl economic bhavtun” \AL > Richkwand neluchon wm Gar Hreory uo izerahre por of neoronivg Iechawd Lo hive jfom the ond of poblorr a dikuaton ) 2 aoe hrvale exfevawe andl squerttial gems. At cere lage of gown lncchison) arbuichion eseredten m Gere + Troy He opbirel askon af razct to bast renin plop 1s determined - The pecer> contin bickemel hen Adhruanired « However the redulio mpired dro frckusred j pduchor ofee fot to practict actual human yby cp, Pace work ineliucton wil be apple! an - Thee nr 4 dulagonus dn the abiagroen’, oT ©, (%2) pL ” yells) PR (yt) C352) NO413) =) ps 0455) C3) RY 452) @O@ (2) (er) Q (tity rey 1 (CO >t)70 em bwen 3 bce Sube game potet rash oqucli bins | WoT PR Opt 352% PS tas -458 >4 dubgeme | Q Qy2 2k a are 2,2r Ju gst | Dib gowe o- 3,2 2 — re 274 2 choomr U dn 24 foude gaune 2s - Pes 57% D 2 chooes U lu SM bets game OU > Bod - toy ws DEP = B7L = 1 chores WD homeo) lar A’ nub Gem Q 27 -4,3 4 ' } Or-L =) L harr @ Apa On ; \200434 BLT Anmwen 9% Parke Up tay eccunr utes ot =. wore off. Zaldon Hick nlabs that 2 cheshion Lan be wert offitionk- un Aor a tert ud met capin to pociely- Crablyy ony potential Lowers bo x comnpemrotel from tre nal gerro: Under baldor Hicks ote key principle da We {deo trek jin theory, peope cote be aaa Thin -compersabor doesnt actually hear fo -eccun. whereed under Paw ffrinoy, Hin comprrettorr would hove fo occur Yrrough vo ludang Oy Accents behecor fv perber - halper- icky cutee ara] be wr fo fede tee Ufeckverrens oa ont - Boredit Anrelyris Refer probiens al lbeldor Wick. "Saat Weare pie Hheowy courpersation “oo"’ he. pier fo More whe Lore outs pacta hot lew pebiclenk wort! fet Werf andy treaked Uf asrpoat Wert ahead,2200 364g )7- okuldlor- Hichkr arteia con head fy o Ger AWoreoje 44 inequatiby anol ge porcicvesl Qs renfair + fon example 5 prone Uncle, Gage pote mon fuel Air unfoin thay Move heen Bigued ont to have #0 put wy, e It plaen £20 no Wd welfans enol foted econennue whllty aoove other moral cows Her ghdony. Pareto wor F ceonawsk fv fre! gut an etjectve drt of pocid welfare matinuwn . Ofker allel Pareto ophimalily, Pinet Cndencinaly rukey firetionr op hun, peuvial ar geercd op Knee, the pastian ewteten platen tot welre ad paz to LLL OAA xf at Moot ont porron wD prede peter fare yf hewn ne chase, hw portion Y other . Guen eit pul of Hirtrdoten 5 aon porous Preongens Dettion » pol tb facreerxe poral Grd , af the welfare of pone pirrond An shercartel withoutkelelan 2003364844 1 Hicks and Detlovrky pave gi ae teats fr judgry an Anwrean ~v wellans, Like Preto, tray doatad tre probler of protector frow that of ditbribatow jheey tal woth haging trot if tre peor fevofiting from tt atk dhe apers Com gegen cowep enn , de pobey chenge Asscalt otherwise nots Ths enkrron Db colbd Cortperseton bef bot “judge of nen on welfare, welfans and tH Lwel of production if m poroible fo pie only tne ehargr on tre hovel oy production « Th covep en sati0% poincuiple frat ah fo welfars witonia won preporeot kaldon, ky. POO P3081? Kaloler brmulaton as) Let there pe a et sregutt whirl tales tr mwochy prom alate Ab date Bytren dete af dre roucty as puleabe to dkte Ay gaires from the art atid te 2 beth patton. fof luk propor a Het whit bs Auer A tealdar beat, He poretel out tat tn awprral thers are Fd ator , ow ni fer ote bic. “UV pas evert deaiion of te proporat tre Lada mony nig <0 tre nant to forall for hell tab, fe Peay thbr enerteily ood ane! tee wire? Mik» prepared the neverte feat é ofate 4 Aeuchy jo socaby prporobee to A Ag tr knwd fom We poleyeran, fron A te © cant fe profi jelly probe fro geenorn wade vot moteing He dang A boty 4 Je, Lento Wed > Ae on2007618 Nw < 4? 1d funetio™ ant Saurally thrughou! ane, Prog. fone com fanetor that are cerive “fro Prelucton feoretton ered cleword feet" thet ane pemved frow preellictiore fran willy fenchas ‘f wtomaticotly Pore” an dlendard seenonic rectal A funchon of x and 4 ia void t0 be pomrotehc if, wt jn plrictiy an Ancrearirg funcbor of? Jrennoge neon {unchon fon ange £6?) will Mge howathehe 4 Le @ vine Mrcrearirs fiction of b Lao! ° poy ~ hewogonsar® giver a produachon funchon qz AL°S kK?" 74 fob prodachou ©) L anc k nberda pa bibor gyre Capital Dh we pechrolerg Cod ficient ea gAl-) 2 Fly) = Leg 42007369817 te 3® remothetic production function includes Homogeneous Production function as a special case” Justify this statement. Rie The cell is the structural and functional unit of lige, ALL Living things ane made up of tiny cells Life beging with a AbgLe cell. ALL the Lige activities take place within the cell. A cell ea all the bi ni L processes that a body PLrfonms in neat natLem, pst Lon, AMengy ntpneduction, xtc, hence it is ce the aan unit Of Life. Each cell has ite specialization in an onganian, 86.) Dit¢enentiate between a Hicksian and a Walrasian demand functLon De they wen intersect? Enplain, Ans An individuals demand cue slows the relationship bebaeen how mich an item costs and how much of it they will Atmand The highen the price, the Less you wi buy which is why the demand ane slopes down, This sLinple, sbaenvable relationship isthe manshallian demand cune - if you want te predict how much people will buy at a given price, this is the came you want. Fon some purposes, though its Lmpentamt te necognise that two different things Arappen when the price of something changes. The finst is the substitution Lp fect ~ if something gete mone expensive youll be Less Likely te buy it and mont Likely to buy somthing tse Se if been gore up in price TLL buy mont wine and Less been The second is the income e¢fect. Tf something T already buy gets mone ; znpensive then L have Less money te spend on athen things. Se a price nist fon somuthing I already uy isthe same as a reduction Ln any Lncome And when amy income falls T will Less money on some 40044, possibly including the thing that just changed in price. Se the Income effect asks what would2007369817 Happ toa Atnard fo a good when it incrtaues in pre mot because it mow costs mone than othe goods, but because the price nise has factively made me poonen The s¢pect of any baling poohen on wg dtmand fon a goed will wanally be wagative ~T have Less money to spend venall so T will probably buy a bit Less of stuart hing ~ but not Meckssanily Some 99048, which economists call. "inpenton 40d8' ane the kinds of things we buy mone of when we ane poon than when we ane nich ~ 66 Anied ramen maple. Fon these goods the income NAMM 46.24 Up TLL but but TL alee buy mone, mow that takes up mone of iq imenty and T cant afford te sat out as often Ty the price Of bttn gots up TL buy Less been because wine La mow a hebben Atal and TU also buy Leas been because the been I still buy ‘aves me with Leas monty to spend on been The slope of my manshallian demand awe captunes the met e¢pect of both of these things The Hicksian demand cane ia the demand cane which shows how mich of a product we would buy at any given price taking out the income tptect Se its the answen te the qptstion how mich of this would you buy if the price went trom $8 te 10 and I gave you enough smtna income te compensate ton the price change? Economists use the Hickslan demand cme fon what's called welfare analysis’ ~ te figure ut how much better on worse off people ant a a result of a price change. The e¢gects of a price change Atpend on ew many goed alternatives ane available, so they meted te be wmeaauntd just Looking at the pune substitution s¢pect, without Less, because TLL thade inte potatoes, because I still buy some nomen and200736817 having te Look at the income apfact at the same time. The Hickson Aumand came desant show anphing we abate in the neal world, but it La the night way to determine how good on bad ct chang a ane fan the people they affect, Caran wa bh * Cobb Douglas willy frelon’ ULuy)=4 Aalst b legly) where aOard 670 The tadifforence curve will have a ative rlope , which with ineoporete pre judividual, wotdlenoesers fo make tradeoffn bebwan goal x ave y. To role pp Ophimal burch on ophmat Meocetion geen in Cobob- doughs funchon: HES = CR) MRS= SE ):- ABH (Si) fy200+36487 To wlve fon yy we cen At wale ahove ap * (4) Prey 2 pxt From the bidet conthaint we have tre followsivag : (EJ roa? rot? ” (334H-™ (22) py > Gy) GE) (b) Compensated demand flanchor for goal X andy Te volve fo Bees Pbdotihide yt above juto tne budge corshraint poe try Cbs CY] = Cémeelling py in above equation 9 ux hase the following: pr + (Be) m on200736981F gh. Po « mG) px & = (1 abs) pxX = (4202) yh) re (3) The Optimal Burdle in? be, ye) = (Sa 2) ay. =))thane is some unfortunate avert, his Lipected future Lannings will be Re 25 The probability of an unfortunate event te eccun is 2/3, while that of things nemaining fortunate Ls 13. Suppose his utility function La given by UY) = v7 4/2, whene Y representa the amount of money Now suppose an Lnsunance Company offens to fully insure Rag againat the Less of AArnngs Caused during an unfortunate event at an actuanially Oe OF Rag eaupects Iris future annliga to be worth Rs 100. If faln prewinn, FAWILLL Rag accept the insunance? Emplain, Ans. The Employees State Tnsunance Scheme is an integnated measunt of Social Insurance embeded in the Employees’ State Thaunaree Act and it is designed to accomplish the task of protecting employers as depined in the Employees’ State Tnsunance Act 18 against the Lmpact of incidences of Sickness mattnnity disablement and death due to 2mploynent Lrdung and to provide medical cane to inured persons and thein gamilics The ESL Scheme applits te factonies and athen tatablishment's viz. Road Thanspent, Hotels Restaunants Cinemas, Newspapen Shops, and Educational Medical LnatitutLens whentin 10 on mone persons ane employed Howsuen Ln Lome States threshold Limit fon covenage of establishments is atill 20. Employers of the aforesaid categonies of factonies and 2stablishments, Anawing wages upto RaS000- a month, ane sntitled te social aecunity coven unden the ESL Act, EST Conponation has alse decided i? enhance wage ceiling fon cov. 2 of employers unden the ESL Act roam REAS000- to Sere a Conponation has tntended the bemegite of the EST Scheme te the wenkens deployed on the construction sites2007369817 Located ia the implemented areas unden EST Scheme whe Auguat, 2015. The ESL Scheme is financed by contasbutLons from tmplogens and employers The nate of contribution by employer 16 HASH of the wages pauable to tmployees. The tamploue sa’ at the nate of 175 of the wages payable to an Larplegte. Employees tanning Less than Rb 134 a day a daily Wages ane LLtmpted trom paument of thein shane ot contnibutLen, contnibutLen Ls FDuwhat would be the nate of actuanially fain premium changed in this case? Mrs Actuanially fain inurance has an eopected ast pay-ofy of GAN. From a consumers point of view, an insunance contnact La actuarially fain if the premiums paid ane equal to the Ampected value of the compensation received This Ampacted value Ls, in tunn, defined as the probability af the imsuned- against event eccunning multiplied by the compensation received inthe went of a Leas Actuanially fain insurance is mot necessanily complete, Complete inunance pays compensation taal to the harm caused by an accident, Leaving the penson just as well off as he would ave been had the accident mot eccunned Fon saampls, it might tale SLO000 to compensate a can Lovin ton the payhoLegical Ian caused by someone delibsnately schatching the paintwonk of Ais beloved antique MK-6 Complete insurance would coven that $0000 Aanm Actuantally fain insurance may sr may mot coven that han but it is atill pain as Long as the premiums paid ane tqnal to the probability of Ampeniincing delibenate schatching of paintwonk times the benefits paid out in the vent of paintwonk schatching Economists most frequently2007364817 define actuanial fainness from the point of uLew of the consumen, Vit this definition Lunphies that actuanially fal LMUnace Can Mevth LnLat. As Nicolson and Snyders Lrtenmediate Micne teat Lnponma students, ‘No Lnsunance company can affond to sell Lnsunance at actuantally fain premiums” Lnsunance companies have administrative costs. Tf they paid out wventhing that they received in premiums LM compensation to custemens LmpenLencing Losses they could mot coven thein othen coats of doing business. The n2ason why sconemists define actuarial fainness trom the consumes point of view is that it wields useful predictions about consumen brhaviour. Fon encample, 1¢ actuarially fain insurance Ls available, a nlak avense consumen — one whe dosent Like nisks ~ will always purchase complete insunanct, insuring Menselg fully against any Losses. True, this type of actuantally fain insunance is an ideal that neven enists in the neal world But Like that othen ideal, the pengectly competitive manket, it 16 analytically comenient tnamalatlen the math La LaaLtn), and provides a useful benchmank, a standand against which te Judge neal-wenld insunance comtnacts. Vet when we Aspine actuarially fain insunance grom the consumens point of view, we hav M6 L7phesslon fon an Lnsunance contnact that is actuanially fain from the Lnsunea's point of view, one whene the premiums paid by custemens ant equal te the empected cost of insunance claims plus administnative coats, An insunance policy that provides the insunen with an enpected paystt of geno has inteneating propentics The insurance company makes tne tconomic profit. Ne sie group of customens subsidizes any sthen ghoup of customens, which means that the insurance company dete mot redistribute2007364817 Lnceme Lm ante. Tnsunance still nedistnibutes income pe from those whe de not empenience a Less te those whe doh From a policy point of view, this altennative definition of actuantal falnness ~ actuanially fain from the point of view of the insunen~ is frequently useful. After all, why spend time talking about insunance that is actuanially fain trom the consumers point of view, when we know that such insurance cannot eacLat? Some wnitens do, in fact, depine actuarial fainness from the point of view of the insunen Fon encample, Ecompent.ong waite “fon insurance te be actuarially falr, the insunance company should have zene tmpected profits.” Univensity of Tonente philosophy propeason J. eatph Heath seems te have this same definition in mind in his analysis of the monal implications of subsidies trom one ghoup of imsunance companies to ancthen He writes, “it dots not really matten whethen it is just on unjust to change actuarially fair prutiniuins, it ia necessary fon insurers te de so if thay wish be The fain-goninsuntn deginition of actuanial painness is alae iomplicit in atatementa such as this ons: “An sendividual with spina bipida might be abLt be purchase a1 actuasially fain albait enpenaiva inunance policy he Pit cane fon the conditLen.” If s sunprisingly as oe . clean daginiticons of actuarial gasses Thine i 06 SURPASS mtny fon “actuanially fain" on vactuanial ioe eae because scapes thasnstaes appeah Fe Bibs A remain solvent.” 1, talking about “pain odds. y actuanys polnt of view, £, ive an rene economists tale about actuanial §: u ; “ betwiin community nating, Likel te dnaw a aistLnctLen en eh menoans of a commun pag the saint PUES2007269817 . ie LUN Lp Boune face a. grtaten niak of Loss than othens and individual risk nating which is aimilan te what L have Aepuned as “actuarially fain trom the point of view of INSUnends” FaWhat weuld be the marion amount that Rag would pay fon the imsunamce? Ans. The monthly premium payable by the insuntd unden the insunance scheme shall be such as is specified below on revised by Government onden trom time to time Wheneven, ad 4 nesult of change in pay slabs the premium already payable by an imsuned fala shont of the premium to be payable by him furthen aasunance shall be granted fon incremental. presi 6 incremental necevenies shall be effected trom Wis pay prem the month of March of tha saine finamial Yost