The utility function of residents exists when the relationship between air quality (q points) and land prices
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The utility function of residents exists when the relationship between air quality
(q points) and land prices (p yen) is represented by p = 5q. Assume it is u = q(20 − p).
a. Express the extent to which these residents would prefer air quality.
b. Assume that air quality is doubled compared to current levels. Express the extent of this effect using the hedonic method assessment.
c. Express the degree to which the assessment is maximized compared to the WTP amount.
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In the given scenario the utility function of the residents is represented by u q20 p where q denotes air quality and p denotes land prices The relati...View the full answer
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