TPA, a heart drug produced by Genentech Inc., costs more at $2,200 a dose than streptokinase at $1,100 a dose, an alternative heart drug sold by...

TPA, a heart drug produced by Genentech Inc., costs more at $2,200 a dose than streptokinase at $1,100 a dose, an alternative heart drug sold by Astra AB. A trial of 41,000 heart attack patients found that the TPA treatment saves 1 more life out of 100 than streptokinase does. Jay and Bob have identical health problems. Jay chooses TPA over streptokinase while Bob makes the opposite choice. Use the willingness-to-pay approach to calculate the implicit value Jay places on his life (assume that dosage requirements are the same).