Comparative Value of Life (9 points each, 36 points total.) Compare a rich and poor country using the framework in Problem 2. The rich country has income per capita of $50,000 and the poor country has income per capita of $1000, both per year. (a) Suppose both countries have the same life expectancy T. What is the ratio (rich over poor) of willingness to pay (WTP) for additional time alive? (b) In reality, Trich 85 and Tpoor 60. What is the ratio of willingness to pay now? (c) What value of Trich gives both countries the same WTP? Comment on the plausibility of this outcome. (d) Suppose that each country has its own price (p) of T. Individuals can buy an additional life year at that price. (No medical tourism, please.) What prices are consistent with observed income and life expectancy? Note that yearly consumption is now c = y p. (Hint: what is the ratio of first-order conditions? How does this relate WTP to p?)