1. What is your estimate of the "value of a statistical life"? What does this mean? 2 . Why might this value he a poor estimate of the value placed on lives saved from pollution reduction? (Three reasons) 3. Plover Protection Suppose you were analyzing the use value of a public beach, and controlling for income, age, preferences, and everything else that might affect beach visits, you have gathered the following data: Travel Cost Number of day trips/yr 1. If there are 1000 people in each of the three travel cost categories ($0, $20, $39), what is the approximate total consumer surplus arising from day trips to this beach? 2. Your boss needs help evaluating a decision to close this particular beach in order to preserve habitat for an endangered sea bird called a plover that inhabits only this stretch of beach. From a CV study you know that US citizens are WTP $1,500,000/yr to preserve the plover. Based on your analysis, and your understanding of the usefulness and limitations of these benefit analyses, do you conclude that protecting the plover is efcient? Argue both sides