Suppose that the risk of dying from head injury is reduced by 1 in 20,000 through use of helmets, and that 20,000 motorcycle riders choose to purchase helmets at a price of $150. What is the implicit value of a life to these buyers?
A) $2 million.
B) $2.5 million.
C) $3 million.
D) $250,000.
Correct Answer:
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