Suppose 1 in 200 pilots flying space-x aircraft dies each year while only 1 in 500 pilots flying subspace gliders dies each year. moreover, the average salary of space-x pilots is $115,000, while the average salary of subspace glider pilots is $109,000. given this information, what is the implied statistical value of a life of a pilot? a. $120,000 b. $1,200,000 c. $2,000,000 d. $6,000 e. $480,000

The value of life is an economic value used to quantify the benefit of avoiding death.  It is also referred to as the cost of life, a value of preventing death and implied a cost of preventing a fatality.

In this problem, the value of life is the earning potential of a given person. The average salary of space-x pilots is $115,000, while for the subspace glider pilots is $109,000. Given this information, the implied statistical value of a life of a pilot is a. $120,000. It is the amount from the choices with the nearest value.  

 

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