Kinds of job require the same level of skills

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Farm workers in Oaks Farmville face a 1/198 probability of death at work and each of them receives a yearly wage of $61,000. Farm workers in Valley Farm face a 1/54 of death at work. Assume that both kinds of job require the same level of skills, effort and that all workers have the same preferences and tastes. The values of an statistical life is computed to be $7,000,000. How much the workers in the risker job should should get paid?

Reference no: EM13860723

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