Bob has an initial wealth of $1200 but faces a 50% chance of losing $800 to doctors' bills in the coming year.Insurance is available at a rate of 60¢ per $1 of coverage.This means that if Bob purchases $X in coverage,it costs 6X¢ and pays $X towards Bob's doctors' bills.If Bob's utility function is U(w)= 2 
,how much insurance (X)will Bob purchase?
Definitions:
Refugee Problems
Issues related to the forced displacement of individuals who flee their home countries due to conflict, persecution, or natural disasters, seeking safety elsewhere.
Federal Skilled Worker
A category within some immigration policies aimed at attracting individuals with specific skills and professional experience to contribute to the workforce.
Point System
A method used for various purposes including immigration, where individuals are assessed based on certain criteria and awarded points to determine their eligibility or ranking.
Language Proficiency
The ability of an individual to speak, understand, read, and write in a language effectively and efficiently.
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