Suppose that a full time worker supplies 2000 hours of labor and consumes 1600 hours of leisure per year. Let the risk adjustment parameter be 0.5 and let the discount/interest rate be 5%. Calculate the value of statistical Life using the concept of full income for an individual who earns $20 per hours, be sure to show all of your computations.

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To calculate the value of statistical life VSL using the concept of full income we need to c... View the full answer