Please help. I really don't understand this question.
Exercise 3: Meta-analysis (40 points) Refining raw gold ore to remove impurities and concentrate gold content usually involves caustic chemicals. One method involves dissolving the gold with a concentrated cyanide solution. The concentrations of cyanide used in this process are extremely dangerous, and if spilled into the environment, pose a significant threat to wildlife and human health. A city has hire you to write a CBA for a Gold mine and processing facility bound to be to installed between the county limits. They promise to keep any cyanide solution in safe storage and dispose of it without any risk to the local population. Nevertheless, the city council wishes for you to analyze the possible impact of a spillover of the pollutant. You have gather all the relevant information that would allow you to carry out your analysis except for one, the shadow price for a kilogram of spilled cyanide solution. You 2 don't have a proper budget to calculate this variable, luckily your research team has found four other analysis that computed the cyanide's shadow price. You make a list of similarities and differences between those analysis' cities and your city of interest: Study A Study B Study C Study D City of interest Shadow Price 200 600 1000 3000 % of farming land ("farm") 5% 80% 30% 60% 80% Proximity to closest city ("prox") 200km 100km 150km 50km 100km Population of closest city ("pop") 50k 100k 800k 300k 300k (a) (10 pts) If your team decides to use only one of those studies' shadow price, which one would you choose? Why? (b) (10 pts) Imagine that your team decide to weight every study the same way (each), what shadow price would you use? (c) (5 pts) What's the mean and standard deviation for "farm, pror and pop" (using all five cities, four from the studies and the city of interest)? For the following part, define the distance between the city in Study X and your city of interest as: 2 farm, - farm interest farm prot, prot interest prou 2 + pop, Popinterest pop where y indicates the mean value of y. (a) (5 pts) Calculate the distance between each of the "Study X" cities and the city of interest. Exercise 3: Meta-analysis (40 points) Refining raw gold ore to remove impurities and concentrate gold content usually involves caustic chemicals. One method involves dissolving the gold with a concentrated cyanide solution. The concentrations of cyanide used in this process are extremely dangerous, and if spilled into the environment, pose a significant threat to wildlife and human health. A city has hire you to write a CBA for a Gold mine and processing facility bound to be to installed between the county limits. They promise to keep any cyanide solution in safe storage and dispose of it without any risk to the local population. Nevertheless, the city council wishes for you to analyze the possible impact of a spillover of the pollutant. You have gather all the relevant information that would allow you to carry out your analysis except for one, the shadow price for a kilogram of spilled cyanide solution. You 2 don't have a proper budget to calculate this variable, luckily your research team has found four other analysis that computed the cyanide's shadow price. You make a list of similarities and differences between those analysis' cities and your city of interest: Study A Study B Study C Study D City of interest Shadow Price 200 600 1000 3000 % of farming land ("farm") 5% 80% 30% 60% 80% Proximity to closest city ("prox") 200km 100km 150km 50km 100km Population of closest city ("pop") 50k 100k 800k 300k 300k (a) (10 pts) If your team decides to use only one of those studies' shadow price, which one would you choose? Why? (b) (10 pts) Imagine that your team decide to weight every study the same way (each), what shadow price would you use? (c) (5 pts) What's the mean and standard deviation for "farm, pror and pop" (using all five cities, four from the studies and the city of interest)? For the following part, define the distance between the city in Study X and your city of interest as: 2 farm, - farm interest farm prot, prot interest prou 2 + pop, Popinterest pop where y indicates the mean value of y. (a) (5 pts) Calculate the distance between each of the "Study X" cities and the city of interest
