Purchase Solution

Marginal probability

Not what you're looking for?

Ask Custom Question

When an increase in precaution will reduce liability from 10% to 4%, for example, how do you compute that? If the damages were $500,000 would it be 6% of $500,000?

Purchase this Solution

Solution Summary

Marginal probability is determined. An increase in precaution which will reduce liability is discussed.

Purchase this Solution


Free BrainMass Quizzes
Basics of Economics

Quiz will help you to review some basics of microeconomics and macroeconomics which are often not understood.

Economics, Basic Concepts, Demand-Supply-Equilibrium

The quiz tests the basic concepts of demand, supply, and equilibrium in a free market.

Elementary Microeconomics

This quiz reviews the basic concept of supply and demand analysis.

Economic Issues and Concepts

This quiz provides a review of the basic microeconomic concepts. Students can test their understanding of major economic issues.

Pricing Strategies

Discussion about various pricing techniques of profit-seeking firms.