Answer:
$6,000,000
Explanation:
Change in risk = 0 in 1,000 to 1 in 1,000 = 0 to 0.001 = +0.001
Change in wage = $30,000 to $36,000 = +$6,000
Therefore:
wage/risk = 6,000/0.001
= $6 million or $6,000,0000
The value of a human life for workers with these characteristics should a cost-benefit analyst use is $6,000,000 because workers are willing to receive an extra $6,000 for a 1 in 1,000 increase in risk of death, implying a value of life of $6 million)Value of human life for workers with these characteristics = $6 million .
In order words the workers require $6,000 to accept a death risk of .001. The value of life implied by this is $6,000/.001 = $6,000,000.
<span>The
type of physical ability is the fire department measuring is called <u>“Stamina”</u>.
</span>
<span>Strength
is one thing, the ability to continue exerting the same amount of strength over
time is called stamina. Stamina is important especially in quick-response jobs
which usually cater to emergencies</span>
Answer:
a good decision requires that we recognize both viewpoints
Explanation:
Based on this information it can be said that an economist would most likely state that a good decision requires that we recognize both viewpoints. That is because every decision will affect everyone, but some individuals will be affected positively while others will be affected negatively. Therefore trying to recognize the viewpoint of both sides will allow for decisions that are as fair as possible to both sides.
Answer:
It is more convenient to produce the sails in house.
Explanation:
Giving the following information:
Riggs purchases sails at $ 250 each, but the company is considering using the excess capacity to manufacture the sails instead. The manufacturing cost per sail would be $ 100 for direct materials, $ 80 for direct labor, and $ 90 for overhead. The $ 90 overhead includes $ 78,000 of annual fixed overhead that is allocated using normal capacity.
Because there will not be an increase in fixed costs, we will not have them into account.
Variable overhead= 90 - (78,000/1,200)= 25
Unitary variable cost= 100 + 80 + 25= 205
It is more convenient to produce the sails in house.
Answer:
We should select Project A as it has a higher expected value of 10,800 compared to Project B's expected value of 9,000.
Explanation:
We need to find the expected value of both the projects, using the formula
Expected value of project A= (probability of loss * value of loss)+(probability of gain* value of gain)
Expected value of project A= (0.40*-3,000)+(0.60*20,000)
=-1200+12,000=10,800
Expected value of project A= 10,800
Expected Value of project B= (probability of loss * value of loss)+(probability of gain* value of gain)
=(0.30*-5,000) +(0.70*15,000)=-1500+10,500=9,000
