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Two factories producing textiles are next door to one another, Indigo Inc. and Ruby Co. Indigo Inc. uses more modern looms than Ruby Co. Therefore, the accident rate at Indigo Inc. is 1 in 5 workers per year while the accident rate at Ruby Co. is only 1 in 15 workers per year. Workers at Indigo make $25,000/year and workers at Ruby make $35,000/year. There are 1,000 workers at each factory.
a. What is the statistical value that workers place on factory accidents?
b. There are 5 per thousand fatal accidents per year at Indigo and 7 per thousand accidents per year at Ruby. What is the statistical value of the life of a factory worker?