Question: Please answer correct calculation asap plz Don't answer by pen paper plz A city council member is considering whether or not to vote for the

Please answer correct calculation asap plz

Don't answer by pen paper plz

Please answer correct calculation asap plzDon't answer by pen paper plz A

A city council member is considering whether or not to vote for the installation of speed limit cameras on a treacherous highway that surrounds the city. According to statistical studies, this traffic enforcement program would reduce the risk of fatal highway accidents from 4.1 to 0.93%. The yearly cost of operating the system is $400,000. Suppose ice road truckers outearn ordinary truckers by $120,000 per year. The risk of a job related fatal accident is 6% among ice road truckers and 4.9% among ordinary road truckers. Assume these figures reflect truck operators of similar age, education, abilites, etc. and that these characteristics are comparable to the average American. What is the net social benefit of installing the speed limit system, ie. the benefits minus the costs? Round your answer to two decimals. 341454.54 Based on the previous answer, would it be optimal to vote in favor of the system? Yes. No. O This is too difficult to assess. Ice road truckers have very different driving skills than the urban commuter

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!