Section B [50] Answer Any Two (2) of the following Three (3) Questions 1. Provide a detailed explanation of the concept of willingness to pay by discussing revealed preference methods and the contingent valuation approach. (25) 2. Explain the FOUR basic steps in benefit-cost analysis, which aspect of benefit-cost analysis would you consider to be the most controversial? Give reasons for your answer. (25) 3. "Standards appear to offer a method to take away the freedom of sources to pollute, replacing it with mandated changes in behaviour." Critically analyse the role of standards in controlling pollution in the environment. (25)