Question: QUESTION 12 To ensure correct grading: Do NOT include dollar signs or units, as I have already provided them for you in the problem.

QUESTION 12 To ensure correct grading: Do NOT include dollar signs or units, as I have already provided them for you in the problem. Suppose a hedonic wage study indicates a willingness to pay $50 per person to reduce the risk by 1/10,000 of premature death from an environmental hazard. The exposed population is 200,000 people. Use this information to answer the questions. a. The total willingness to pay for the risk reduction is $ b. The expected number of lives saved is c. The implied value of a statistical life is $ | (Hint: Divide TWP by the expected number of lives saved.) lives. life.

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