$ 4 10 1 10 Q Assume that bottled water and local well water are perfect substitutes for drinking purposes. The bottled water, however, is considerably more expensive – $3.00 versus $1.00 per gallon. Assume that a toxic pollutant has contaminated the local well water. Assume there are no other uses for the well water beyond drinking purposes and that the community's aggregate inverse demand for drinking water is: P = 10 - Q where Pis the price of drinking water and Q is gallons of water (in millions). Using the information calculated in previous questions, what is the community's willingness to pay to clean up the well? Please show the calculations you use to arrive at your answer. 3.

$ 4 10 1 10 Q Assume that bottled water and local well water are perfect substitutes for drinking purposes. The bottled water, however, is considerably more expensive – $3.00 versus $1.00 per gallon. Assume that a toxic pollutant has contaminated the local well water. Assume there are no other uses for the well water beyond drinking purposes and that the community's aggregate inverse demand for drinking water is: P = 10 - Q where Pis the price of drinking water and Q is gallons of water (in millions). Using the information calculated in previous questions, what is the community's willingness to pay to clean up the well? Please show the calculations you use to arrive at your answer. 3.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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