Question: While this is not fully explained in the present chapter, can you speculate why people's preference for a higher environmental quality (i.e., less environmental damage)

While this is not fully explained in the present chapter, can you speculate why people's preference for a higher environmental quality (i.e., less environmental damage) and income are two major determinants of the marginal damage cost (MDC)? What do you think would happen if the people's preference for a higher environmental quality increased? Explain using a graph. What would an increase in the average income of people do to the MDC? Explain using a graph.

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