Discuss in detail the contingent valuation method of valuing non-market goods. Give a practical example of how the contingent valuation technique could be employed in industry or government.
The question belongs to Economics, particularly to macroeconomics. The question is about the valuation methods of non-market goods and an example involving the same. Non-marketable goods and services are such products which cannot be bought and sold in the open market and so, the valuation and price fixation for these products can also be very difficult. Further explanation has been given in the solution along with an example.
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