5. A moderate oil spill causes authorities to close down Tarmin Beach, located 25 miles (40.3 km)...
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5. A moderate oil spill causes authorities to close down Tarmin Beach, located 25 miles (40.3 km) from the city of Elmwood. The next best alternative to Tarmin Beach is Raymond Beach, which is located 40 miles (64.4 km) from Elmwood. How would you estimate the loss in the recreational value of Tarmin Beach from the spill?
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