What is the cost of saving each life

Assignment Help Business Economics
Reference no: EM13159903

In the 1990s, Volvo introduced an automobile to the U.S. market in which the headlights were on whenever the engine was on; thus, the lights were on even during the day. In Sweden, the law required all motorists to drive with their headlight on even during the day. Since enacting this law, Swedish motorist%u2019s deaths had been reduced by 11%. Because of the extra energy used by the headlights and the need for more frequent replacement of the headlights, this practice added approximately $0.002/mi. in the 1990s, the U.S government had to decide if they wished to make this feature standard on all U.S. automobiles. At the time, there were 180 million automobiles and 250 million people in the United States. Each vehicle was driven about 15,000 miles each year. You were hired to help make the decision, so perform the following calculations.

1) How many lives would be saved?

2) What is the cost of saving each life?

3) Assuming a human life is valued at $ 7 million, is this legitimate expense?

About how many years will be required for $ 10,000 invested at 6% per year compounded annually to double in value? By creating an Excel spreadsheet.

 

Reference no: EM13159903

Questions Cloud

What effect would a depreciation of the us dollar : What effect would a depreciation of the U.S dollar, relative to the Chinese Yuan, have on both our exports to China and our imports from China?
Explain what is the final concentration of once equilibrium : The reversible chemical reaction A+B C+D with an equilibrium constant of K 7.1.Initially, only A and B are present, each at 2.00 . What is the final concentration of once equilibrium is reached?
Merchandise purchases budget problem : The owner of central dug believes that ending inventories should be sufficient to cover 20 percent of the next month's projected sales. On January 1, there were 84 ankle braces in inventory.
Calculate the herfindahl-hirschman indexes : Calculate the Herfindahl-Hirschman Indexes for 2006 and 2011. What information does this index tell you about changes in the industry? How does this information differ from the four-firm and eight-firm indexes?
What is the cost of saving each life : At the time, there were 180 million automobiles and 250 million people in the United States. Each vehicle was driven about 15,000 miles each year. What is the cost of saving each life?
Calibration solution is essentially the concentration of scn : Concentration of Fe(SCN)2+ in calibration Solutions-Recall that the concentration of Fe(SCN)2+ in the calibration solutions is essentially the concentration of SCN- initially in the solution
Calculate peters corporation-s earnings per share : Calculate Peters Corporation's earnings per share for the year ended June 30, 2008, assuming the preferred dividends are noncumulative and $50,000 in total cash dividends were paid during the year.
What is the expected value and variance of the number : What is the expected value and variance of the number of defective chips and what is the probability that they discover exactly 9 defective chips in this test?
Prepare a sales budget for each quarter : Prepare a sales budget for each quarter and for the year in total. Show sales by product and in total for each time period.

Reviews

Write a Review

Business Economics Questions & Answers

  Analyze a market environment with tacit collusion

Analyze a market environment with tacit collusion, including deterrents from entry.2. Evaluate the profitability of entering the market.3. Examine how the time horizon affects the profitability of entering the market.

  What effect will this have on the firm optimal output

How much labor should the firm employ? What are its resulting output and profit? What effect will this have on the firm's optimal output? Explain.

  How much extra surplus does the producer capture

Explain how much extra surplus does the producer capture when it engages in first-degree price discrimination instead of charging a single price.

  Demand and supply curves

A large school of sharks is reportedly seen by beach-goers at the beaches of Melbourne.

  Explain exactly how you would take advantage

explain exactly how you would take advantage of this situation to create a riskless profit.

  Elucidate tahoe produces and consumes of cattle

In autarky, Jackson produces and consumes 30 units of cattle and 80 units of wheat, while Tahoe produces and consumes 80 units of cattle and 60 units of wheat. Based on this information.

  Illustrate what action do you suppose cigarette company

The damage (to cigarette makers) is generally under control." Illustrate what action do you suppose the cigarette companies took to avoid bankruptcy.

  Why were horizontal mergers attractive to these firms

How did increased competition and excess capacity impact firms in consumer goods industry in late 19th century. Why were horizontal mergers attractive to these firms.

  Compute change in the level of real gdp demanded for each

Compute the change in the level of real GDP demanded for each of the following values of the MPC. Then, calculate the change if the government, instead of reducing its purchases, increased autonomous net taxes by $10 billion.

  Gdp change as a result of his efforts

By Elucidate how much also in Illustrate what direction does GDP change as a result of his efforts.

  What would be the annual percentage rate

What would the annual percentage rate be if the city plans to make an interest payment of $2 million - The City of Phoenix plans to buy five additional mass transit cars for $15 million, and pay off its loan in 10 years.

  Explain how influences marginal benefits to purchase a house

Provide an example for each about decision-making, interaction and workings of economy. Explain how that influences marginal benefits and marginal costs associated with decision to purchase a house.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd