Solve Problem and Applications: ch11- prob 8, and ch 12- prob 2 at the end of chapters 11 and 12 in your textbook.
11-8: Suppose that a car rental agency offers insurance for a week that will cost $10 per day. A minor fender bender will cost $1,500, while a major accident might cost $15,000 in repairs. Without the insurance, you would be personally liable for any damages. What should you do? Clearly, there are two decision alternatives: take the insurance or do not take the insurance.