Question: Using the previously mentioned survey and the binary choice selection method, collect the following data: a. Create a scatter plot graph on a grid with

Using the previously mentioned survey and the binary choice selection method, collect the following data:

a. Create a scatter plot graph on a grid with the yes response rate on the vertical axis and the price on the horizontal axis. Then, connect each point with a straight line.

b. Upon approximating the decay curve using this straight line, determine the median WTP.

c. Upon approximating the decay curve using this straight line, determine the average WTP. For the area calculation, include the maximum revealed amount.

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