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Title: Erik can work as a forest ranger, where the probability of being killed in a work-related accident i Post by: Cuba on Jun 18, 2015 Erik can work as a forest ranger, where the probability of being killed in a work-related accident is 1/6,000, or he can earn an additional $800 a year by working as a game warden, where the probability of being killed in a work-related accident is 3/6,000. Using the compensating differential approach and the above information, what is the value of Erik's life?
A) $1.6 million B) $2.4 million C) $3.2 million D) $4.8 million Title: Re: Erik can work as a forest ranger, where the probability of being killed in a work-related accide Post by: IloveChi on Aug 31, 2015 Content hidden
Title: Re: Erik can work as a forest ranger, where the probability of being killed in a work-related accident i Post by: Cuba on Aug 31, 2015 I have a major exam next week. Thank you for taking the time to answer. Problem solved.
Title: Re: Erik can work as a forest ranger, where the probability of being killed in a work-related accident i Post by: IloveChi on Aug 31, 2015 You're welcome.
Feels nice to be right :p |