Question
You normally don't wear a mask when you go outside, but because air quality in your home town has gotten bad, you now wear one.Let's
You normally don't wear a mask when you go outside, but because air quality in your home town has gotten bad, you now wear one.Let's say that in the past when you took a trip outside, it normally costs you an additional $1.But because air pollution is bad, you have to use a mask every time you go out, so now your cost of going outside is $2.If your demand (Q) for going outside as a function of the cost of going outside (P) is:
D: Q = 10 - 2P,
the averting behavior method to nonmarket valuation implies that your willingness to pay to improve air quality in your neighborhood is
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