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Homework 1

Due Weds, Jan 29th

Draw graphs for the following three scenarios. For each, you should identify the WTP/WTA and CV/EV, as well as label the utility functions and axis.

  1. Your WTP to avoid increased pollution, when firm has property right
  2. Your WTA higher levels of pollution when you have property right and firm wants more pollution
  3. Your WTA continued high levels of pollution when you have the right to clean-up adn the firm doesn't want you to.
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