You have the following equation relating job risk R to wages W: W =...

You have the following equation relating job risk R to wages W:

W = .01*R + XB,

where XB indicates control for the following confounders: education, job experience, and income. Assume W= annual wages=50,000

A.If the change in R = a 1 in 10,000 higher chance of death in a year, how much more would an individual need to be paid to be willing to assume this risk?

B.What is the implied statistical value of a year of life based on this model?

C.What do you think would happen to the estimated relationship between R and W if none of the three confounders were included in this model?Explain.