For each of the scenarios below, please state which of the valuation methods we

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For each of the scenarios below, please state which of the valuation methods we discussed in class (hedonic property, hedonic wage, travel cost or contingent valuation) is the best method to elicit the values discussed in the scenario and why 11 points each. One point for picking the right method, 10 points go towards your explanation. Which and why? 1. Arkansas State Parks wants to estimate the suse value of the waterfalls at Petit Jean State Park to all those who visit the park from surrounding states one or more times a year The City of Springdale wants to estimate the use value of Murphy Park to all of the residents of Springdale. Murphy Park is often congested on summer weekends because of the community swimming pool. 2. 3. The City of Morro Bay California wants to estimate the total value of the beach front area to all of those who own condos along the beach. 4. The French Tourism Board wants to calculate the option value of the Eiffel Tower (currently one of the world's most popular tourism sites) to the people of France. 5. Benton County wants to calculate the use value of War Eagle Caverns to property owners who visit the cave once in 2017. Only one property within 5 miles of the War Eagle Cavern sold in the last twenty years The City of Fayetteville wants to estimate the use value of a one-acre park that sits in the middle of a new housing development. There are multiple parks in housing developments in Fayetteville. 6.

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