You have just won the lottery (or perhaps were chosen in the 1^st round of the NBA draft), and are going to use some of your windfall to build yourself a dream house on the Oregon Coast. The property you have chosen sits on top of a cliff with a spectacular view of the ocean. You would like to build your mansion as close to the cliff edge as possible, but erosion of the sea cliff is such that the cliff edge is retreating front the sea at an average rate of 30 cm/yr. In accordance with your building permit, the outermost wall of your house must be at least 20 feet (6.1 m) from the cliff edge, and since you want the best possible view, you build it exactly at live 20-feet mark. A consulting engineer you hired tells you that you can delay by 10 years the retreat of the sea cliff to the 2 m mark from your house if you install riprap and other erosion control features at the base of the cliff. How much in extra insurance payments would you save during that 10-year delay? Installing the erosion control features m live previous question will cost $3500, but will cause increased erosion to your next-door neighbor's property, and it will cost you $8000 in legal fees to defend yourself front your neighbor's lawsuit Is the insurance saving more than the cost of the erosion control features and the legal fees combined? In your opinion, is the total cost of the erosion control, including installation, legal fees, and bad blood with your neighbor, worth it because of the additional time it will give you before you have to abandon your house? Conversely, what would you do if the tables were turned, and your neighbor installed an erosion control system that caused increased erosion to your properly? You have just won the lottery (or perhaps were chosen in the 1^st round of the NBA draft), and are going to use some of your windfall to build yourself a dream house on the Oregon Coast. The property you have chosen sits on top of a cliff with a spectacular view of the ocean. You would like to build your mansion as close to the cliff edge as possible, but erosion of the sea cliff is such that the cliff edge is retreating front the sea at an average rate of 30 cm/yr. In accordance with your building permit, the outermost wall of your house must be at least 20 feet (6.1 m) from the cliff edge, and since you want the best possible view, you build it exactly at live 20-feet mark. A consulting engineer you hired tells you that you can delay by 10 years the retreat of the sea cliff to the 2 m mark from your house if you install riprap and other erosion control features at the base of the cliff. How much in extra insurance payments would you save during that 10-year delay? Installing the erosion control features m live previous question will cost $3500, but will cause increased erosion to your next-door neighbor's property, and it will cost you $8000 in legal fees to defend yourself front your neighbor's lawsuit Is the insurance saving more than the cost of the erosion control features and the legal fees combined? In your opinion, is the total cost of the erosion control, including installation, legal fees, and bad blood with your neighbor, worth it because of the additional time it will give you before you have to abandon your house? Conversely, what would you do if the tables were turned, and your neighbor installed an erosion control system that caused increased erosion to your properly