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English
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| Number of pages / Number of words: |
6 / 1456 |
Essay's paper body
This could be seen by changing a person's location from a less polluted city to a more polluted city and looking at the difference in wages between the two areas.
[edit] Uses
Since resources are finite, tradeoffs are inevitable, even regarding potential life-or-death decisions. The assignment of a value to individual life is one possible approach to attempting to make rational decisions about these tradeoffs...
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The assignment of a value to individual life is one possible approach to attempting to make rational decisions about these tradeoffs.
When deciding on the appropriate level of health care spending, a typical method is to equate the marginal cost of the health care to the marginal benefits received. In order to obtain a marginal benefit amount, some estimation of the dollar value of life is required...
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