. Problem solving question i _ -. I} a. Suppose that hedonic wage studies indicate a willingness to pay $50 per person for a reduction in the risk of a premature death from an environmental hazard of 1/100000. Ifthe exposed population is 4 million people, what is the implied value of a statistical life? b. Suppose that an impending environmental regulation to control that hazard is expected to reduce the risk of premature death from 6/100000 to 2/100000 per year in that exposed population of4 million people. What is the maximum this regulation could cost and still have the benefits be at least as large as the cost. What is your