please need help with questions 3

instances w gauging the value of someone's life? Please incorporate 3. In homes without working fire alarms, the chance of dying in a non-confined home fire is .0164 if there is a fire. In homes with working fire alarm, the chance of dying is .0115 if there is a fire.' Similarly, the chance of a non- confined house fire occurring is about 0.0015 (= 92,450/125,000,000). So, all else being equal, the chances of dying in your home due to a non-confined house fire are 0.000025 and 0.000017, respectively, without and with a fire alarm. Noting that smoke alarms range in price from $15 to $60 a piece, can we use this data and the trade-off method to estimate a range in the value of a statistical life? If so, what are these values? Do they seem reasonable? Please show all of your work and provide a raionale. 10pt