4. Cost-benefit analysis of wetland restoration project: Let's imagine that Ducks Unlimited is considering which of three wetland restoration projects to pursue. Each project will save some ducks. None of the projects can be scaled up or down. (a) Calculate the net present value of each project, ignoring the #ducks affected, since we don't (yet) have a valuation for that. Which project (if any) should be chosen according to Cost-Benefit Analysis? (b) Let's say an "existence value" for ducks was estimated. What existence value per duck would be needed to give Project 2 an NPV of 0 ? (c) Now assume (i) Ducks Unlimited values each duck saved at $50 (ii) Ducks Unlimited considers the hunting of ducks reprehensible, and therefore will ignore any hunting benefits. What project will Ducks Unlimited choose according to Cost-Benefit Analysis? (d) Let's say Ducks Unlimited has the simple goal of minimizing dollars spent per duck saved. Which project should be chosen according to Cost Effectiveness Analysis