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Value of Statistical Life a. Define VSL b. How do we calculate a VSL? What is the formula? c. Given that Job A pays $25/hour

Value of Statistical Life

a. Define VSL

b. How do we calculate a VSL? What is the formula?

c. Given that Job A pays $25/hour and has a fatality rate of 13.4/100,000 workers and Job B has an hourly rate $15/hour and a fatality rate of 3.8/100,000 workers, what is the VSL?

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