The County Supervisor Uses an Estimate of How Much Residents

question 35

Multiple Choice

The county supervisor uses an estimate of how much residents pay to drive to the public swimming pool in the next county as an indication of how much a swimming pool is worth to county residents.This is an example of:

• A) contingent valuation.
• B) revealed preference valuation.
• C) cost-benefit analysis.
• D) social discounting.

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Definitions:

Value Engineering

A systematic method to improve the "value" of goods or products and services by using an examination of function.

Product Design

The process of creating a new product to be sold by a business to its customers, involving concept development, solution sketching, prototyping, and testing.

Value Analysis

A methodical approach to identify and eliminate unnecessary costs in product design and manufacturing without sacrificing functionality or quality.

Disposable Packaging

Packaging materials designed for a single use before being discarded or recycled.