Billy's income Is equal to / = 100 and his utility function is U = [?. There is a 10% chance that he will be in an accident next year with his skateboard that will cause $70 worth of damage. Get the...

Extracted text: Billy's income Is equal to / = 100 and his utility function is U = [?. There is a 10% chance that he will be in an accident next year with his skateboard that will cause $70 worth of damage. Get the risk premium for Billy. b. An Insurance company offers a policy that will cover all the damages if an accident occurs Calculate the fair price for the insurance. %3D a.