A factory worker earned $1,500 per month. He left his previous job for a new one that paid him $200 more and required more physical effort.
-Refer to the scenario above. If there is a 0.03% higher chance of death in the new job, the value of the worker's statistical life is ________.

Question

Quizplus · Accepted Answer

The value of the worker's statistical life is calculated by dividing the increase in salary by the increase in the risk of death. The increase in salary is $200, and the increase in the risk of death is 0.03%, or 0.0003 in decimal form. Therefore, the value is $200 / 0.0003 = $666,666.67.

A Factory Worker Earned $1,500 Per Month