-Explain in detail how the contingent valuation method would be used to estimate the value of the environmental good.

-Explain in detail how the contingent valuation method would be used to estimate the value of the environmental good.
Western Wyoming, natural gas production produces a significant amount of ozone emissions. On really cold days in the winter, temperature inversions trap the ozone near the ground, and the unusually high levels of ozone in the atmosphere cause significant health issues for residents
Using a simple supply and demand diagram, model this negative externality associated with natural gas production. Be sure to show both the competitive and socially optimal equilibrium prices and output of natural gas.
Using your diagram, show the increase in economic welfare that would result from moving from the competitive to the socially optimal equilibrium
How might the Wyoming state government construct a policy that would induce the natural gas companies to produce the socially optimal amount of natural gas? Mathematically demonstrate your answer.
Give an example of an environmental good for which the contingent valuation method could be used to estimate its value.
Explain in detail how the contingent valuation method would be used to estimate the value of the environmental good.
What sorts of issues can arise? How might they be addressed? Note: You might refer to Hanemann (1994) to help answer this part.
Briefly describe another valuation method that could be used to value the same environmental good, and explain how the alternative method you chose differs from the contingent valuation method.
What is a public good?
Give an example of a public good.
What is the key market failure associated with public good provision?
What is the result of this market failure in terms of how much of the public good is provided?
A diagram would go a long way in helping show that you understand the answer to this question, but it must be accompanied by a complete and intuitive description of what you have drawn.
How might a government entity estimate the value of the public good you chose?
How might they implement a policy to provide the socially optimal amount of your public good? Part 2 – You will be required to answer the following (a calculator will be necessary for basic calculations):

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