The city of Edmonton is trying to figure out if they should add lights to crosswalks on busy roads. The lights would cost the city $80 000 to install and wouldimprove safety at these crosswalks. If the crosswalk lights reduce the risk of fatality by 1 percent and the city estimates the value of human life is $10 million,what would an economist advise the city to do?Select one:O a.The economist would advise the city to install the lights because thecross outexpected benefit of $1 000 000 is greater than the cost.O b. The economist would advise the city to not install the lights because theexpected benefit of $80 000 is equal to the cost.cross outO c. The economist would advise the city to install the lights because theexpected benefit of $100 000 is greater than the cost.cross outO d. The economist would advise the city to not install the lights because theexpected benefit of $10 000 is less than the cost.cross out

Economics is the branch of social science that deals with the production, consumption, and…

The city of Edmonton is trying to figure out if they should add lights to crosswalks on busy roads. The lights would cost the city $80 000 to install and would improve safety at these crosswalks. If the crosswalk lights reduce the risk of fatality by 1 percent and the city estimates the value of human life is $10 million, what would an economist advise the city to do? Select one: The economist would advise the city to install the lights because the cross expected benefit of $1 000 000 is greater than the cost. O b. The economist would advise the city to not install the lights because the expected benefit of $80 000 is equal to the cost. cross O c. The economist would advise the city to install the lights because the expected benefit of $100 000 is greater than the cost. cross c O d. The economist would advise the city to not install the lights because the expected benefit of $10 000 is less than the cost. cross c

The city of Edmonton is trying to figure out if they should add lights to crosswalks on busy roads. The lights would cost the city $80 000 to install and would improve safety at these crosswalks. If the crosswalk lights reduce the risk of fatality by 1 percent and the city estimates the value of human life is $10 million, what would an economist advise the city to do? Select one: The economist would advise the city to install the lights because the cross expected benefit of $1 000 000 is greater than the cost. O b. The economist would advise the city to not install the lights because the expected benefit of $80 000 is equal to the cost. cross O c. The economist would advise the city to install the lights because the expected benefit of $100 000 is greater than the cost. cross c O d. The economist would advise the city to not install the lights because the expected benefit of $10 000 is less than the cost. cross c

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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