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What is willingness to pay

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Reference no: EM133190806 , Length: Word count: 3 Pages

Respond to each question with a minimum of 150 words.

Question 1: What is willingness to pay? How does this relate to the concept of demand?

Question 2: When determining the cost of manufacturing a product, what considerations are included in the cost? Provide an example of a product and explain each consideration in relation to your example.

Question 3: When purchasing construction materials for a home renovation, what factors should a homeowner consider? Provide an example of a green building product-a sustainable alternative construction material-and explain each factor in relation to your example. Address how the choice of using this particular green building product might influence and be influenced by supply and demand.

Question 4: What assumptions do economists make? Why does each assumption matter in environmental economics?

Question 5: Is the environment an economic asset? Is the environment a social asset? Explain.

Question 6: How does global demand for fish affect marine natural resource economics?

Question 7: How is the supply of forest goods influenced by privately and publicly owned forests?

Question 8: Why has supply and demand failed to prevent pollution?

Reference no: EM133190806

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