QUESTION 4 Contingent Valuation: Can be used to value market goods and services. Is a revealed preference approach to non-market goods and services. Can be subject to bias due to the hypothetical nature of the survey. Utilizes market prices to value costs and benefits. QUESTION 5 Suppose the Queensland Government is considering providing travel vouchers to attract more visitors to the Great Barrier Reef. In CBA, the total value of the Great Barrier Reef is estimated to be 225 million dollars while the use-value is estimated to be 1 10 million dollars. This implies the non-use value of it must be , after providing travel vouchers, its use-value will (increase, decrease or remain unchanged). Provide your answer to the nearest million and do not include the $ sign in your answer. QUESTION 6 Suppose you are working for an oil drilling company. Historically, you have found 309% of the drilling projects are successful. When successful the payoff is $350,000. When unsuccessful the payoff is zero ($0). If the cost of exploration is $75,000, the expected net benefit is and the project should be $105,000; accept $105,000; reject $30,000; accept $30,000; reject