GEOG 3ER3 Lecture Notes - Lecture 8: Opportunity Cost
8 Sep 2017
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Lecture 8: what is the cost of not taking opportunity eg. suburban development, not developing wet land into farm land all the benefit of the farm land. Willingness to accept compensation: how much would you be willing to give up something, how much would you be willing to receive in compensation for being exposed. Benefits to poor air quality: direct as measured by wtp or wta, can measure the change in economic value of the good or resource. Indirect potential loss in profit linked to environmental change.
