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Many people struggle with the idea that economics has any place in a discussion of relevant environmental issues. The unfortunate reality, however, is that policy making surrounding these issues is often influenced by budgetary factors.  Environmental/ecological/sustainability economics can help in making sure our natural resources are appropriately valued in these budget analyses.  For each of the following methods used to value natural resources, offer a brief explanation of how they work. Cost of illness method Replacement cost method Defensive expenditures approach Contingent valuation

Many people struggle with the idea that economics has any place in a discussion of relevant environmental issues. The unfortunate reality, however, is that policy making surrounding these issues is often influenced by budgetary factors.  Environmental/ecological/sustainability economics can help in making sure our natural resources are appropriately valued in these budget analyses.  For each of the following methods used to value natural resources, offer a brief explanation of how they work. Cost of illness method Replacement cost method Defensive expenditures approach Contingent valuation

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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Many people struggle with the idea that economics has any place in a discussion of relevant environmental issues. The unfortunate reality, however, is that policy making surrounding these issues is often influenced by budgetary factors.  Environmental/ecological/sustainability economics can help in making sure our natural resources are appropriately valued in these budget analyses.  For each of the following methods used to value natural resources, offer a brief explanation of how they work.

Cost of illness method

Replacement cost method

Defensive expenditures approach

Contingent valuation

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