6. Consider a project that would involve purchasing marginal farmland that would then be allowed to return to wetlands capable of supporting migrant birds. Researchers designed a survey to implement the dichotomous-choice method. They reported the following data: Stated Price (annual payment in dollars) Fraction of Respondents Accepting Stated Price (perecent) 96 5 89 10 80 15 64 20 46 25 30 30 18 35 10 40 4 45 2 50 What is the mean willingness to pay for the sampled population? 7

6. Consider a project that would involve purchasing marginal farmland that would then be allowed to return to wetlands capable of supporting migrant birds. Researchers designed a survey to implement the dichotomous-choice method. They reported the following data: Stated Price (annual payment in dollars) Fraction of Respondents Accepting Stated Price (perecent) 96 5 89 10 80 15 64 20 46 25 30 30 18 35 10 40 4 45 2 50 What is the mean willingness to pay for the sampled population? 7

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter4A: Problems In Applying The Linear Regression Model

Section: Chapter Questions

Problem 5E

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