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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

High-income people are willing to pay more than lower-income people to avoid the risk of death For example, they are mow like))’ to pay for safety features on cars. Do you think cost-benefit analysts should take this fact into account when evaluating public projects? Consider, for instance, a rich town arid a poor town, both of which are considering the installation of a traffic light Should the rich town use a higher dollar value for a human life in making this decision? Why or why not?

To determine
Cost benefit analysis.

Explanation

The key to answering this question is to recognize the existing opportunity costs, which are relevant for cost–benefit analysis...

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