(b) Briefly explain the following terms with regards to Economical evaluation of environmental goods and services using suitable examples. (i) Use value (ii) Option value (iii) Non-use value (iv) Bequest value
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(b) Briefly explain the following terms with regards to Economical evaluation of environmental goods and services using suitable examples.
(i) Use value
(ii) Option value
(iii) Non-use value
(iv) Bequest value
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- Which statement is not true with respect to estimating the economic impacts of proposed engineering projects? (a) Order-of-magnitude estimates are used for high-level planning. (b) Order-of-magnitude estimates are the most accurate type at about –3 to 5%. (c) Increasing the accuracy of estimates requires added time and resources. (d) Estimators tend to underestimate the magnitude of costs and to overestimate benefits.Comparative Analysis on Renewable Energy Sources Assignment Content — Key Criteria: A comparative analysis of each renewable energy source highlighting the major advantages and limitations from your report and offering recommendations. Clear indication of sustainability issues (social, economic and environmental) being addressed.build a modelAn industrial park is being planned for a tract of land near a river. To prevent flood damage to the industrial buildings that will be built on this low-lying land, an earthen embankment can be constructed. The height of the embankment will be determined by an economic analysis of the costs and benefits.The following data have been gathered (Tables 1 and 2). The embankment is expected to last 40 years and will require no maintenance.Whenever the flood water flows over the embarkment, a $310,000 in annual damages occur. The corporation uses an interest rate of 15% a) if they build the embarkment, what height should it have? Table 1 Table 2 Embankment Height Above Roadway (m) Initial Cost ($) Embankment Height Above Roadway (m) Avg Frequency That Flood Level Will Exceed heigh of embarkment 2.0 $ 100,000.00 2.0 Once in 3 years 2.5 $ 165,000.00 2.5 Once in 8 years 3.0 $ 300,000.00 3.0 Once in 25 years 3.5…
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