Economics Questions 1, 2, 3, and 4How to solve and answer these four economics questions? QUESTION 11. If you hire guards from the first company, shown in part a, how many should you hire to maximize profits?ENTER ONLY THE NUMBER ANSWER AND NOTHING ELSE3QUESTION 22. If you use the second firm, the premium firm shown in part b, how many guards should you hire to maximize profits?2QUESTION 33. Which is the better option:A hiring the guards from the first firm as you calculated for question 1B hiring the guards from the premier firm as you calculated for question 2ENTER ONLY A or B. NOTHING ELSE.AQUESTION 4Select the answer that best explains the reason you chose the firm you did. ENTER THE LETTER OF YOUR CHOICE, A B C or DA I picked the one with the greatest Total Revenue Product, because either option will have the same total cost.B I picked the option with the greatest Marginal Revenue ProductC I picked the option with the lowest total costD I picked the option that will allow me to hire the most guards ABC Electronics wants to hire the optimal number of security guards to prevent thefts from its largesuperstore. The following table shows how the number of guards will affect the volume of thefts perweek.# guards01234501Total Revenue Product2$03$1600$2400$3050$3560$3900Total Revenue Product$0MRPa. The "Revenue Product" for a guard is the amount of thefts he prevents, which will result in additionalactual sales revenue for the store. The first 2 guards each cost $700 per week; each additional guardcosts $600 per week. Based on these figures, how many guards should you hire? Fill in the above tableshowing MRP and MC.$2400$3600$1600$800$650b. You consider hiring guards from a premium security firm. These guards are better trained and canprevent more thefts, as shown in the following table:# guards$3975$510$340MRPMC$2400$1200$700$700$375$600$600$600MC$1000$1000$1000Each of these guards cost $1000 per week. How many should you hire?c. Which is the better option--hiring the guards from the first firm as you calculated in part a, or hiringthe guards from the second firm as you calculated in part b? Why?

Marginal Cost is the change in the total cost that arises when the quantity produced changes by one…

1. If you hire guards from the first company, shown in part a, how many should you hire to maximize profits? ENTER ONLY THE NUMBER ANSWER AND NOTHING ELSE 3 QUESTION 2 2. If you use the second firm, the premium firm shown in part b, how many guards should you hire to maximize profits? 2 QUESTION 3 3. Which is the better option: A hiring the guards from the first firm as you calculated for question 1 B hiring the guards from the premier firm as you calculated for question 2 ENTER ONLY A or B. NOTHING ELSE. A QUESTION 4 Select the answer that best explains the reason you chose the firm you did. ENTER THE LETTER OF YOUR CHOICE, A B C or D

1. If you hire guards from the first company, shown in part a, how many should you hire to maximize profits? ENTER ONLY THE NUMBER ANSWER AND NOTHING ELSE 3 QUESTION 2 2. If you use the second firm, the premium firm shown in part b, how many guards should you hire to maximize profits? 2 QUESTION 3 3. Which is the better option: A hiring the guards from the first firm as you calculated for question 1 B hiring the guards from the premier firm as you calculated for question 2 ENTER ONLY A or B. NOTHING ELSE. A QUESTION 4 Select the answer that best explains the reason you chose the firm you did. ENTER THE LETTER OF YOUR CHOICE, A B C or D

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Economics Questions 1, 2, 3, and 4

How to solve and answer these four economics questions?

QUESTION 1
1. If you hire guards from the first company, shown in part a, how many should you hire to maximize profits?
ENTER ONLY THE NUMBER ANSWER AND NOTHING ELSE
3
QUESTION 2
2. If you use the second firm, the premium firm shown in part b, how many guards should you hire to maximize profits?
2
QUESTION 3
3. Which is the better option:
A hiring the guards from the first firm as you calculated for question 1
B hiring the guards from the premier firm as you calculated for question 2
ENTER ONLY A or B. NOTHING ELSE.
A
QUESTION 4
Select the answer that best explains the reason you chose the firm you did. ENTER THE LETTER OF YOUR CHOICE, A B C or D
A I picked the one with the greatest Total Revenue Product, because either option will have the same total cost.
B I picked the option with the greatest Marginal Revenue Product
C I picked the option with the lowest total cost
D I picked the option that will allow me to hire the most guards

ABC Electronics wants to hire the optimal number of security guards to prevent thefts from its large
superstore. The following table shows how the number of guards will affect the volume of thefts per
week.
# guards
0
1
2
3
4
5
0
1
Total Revenue Product
2
$0
3
$1600
$2400
$3050
$3560
$3900
Total Revenue Product
$0
MRP
a. The "Revenue Product" for a guard is the amount of thefts he prevents, which will result in additional
actual sales revenue for the store. The first 2 guards each cost $700 per week; each additional guard
costs $600 per week. Based on these figures, how many guards should you hire? Fill in the above table
showing MRP and MC.
$2400
$3600
$1600
$800
$650
b. You consider hiring guards from a premium security firm. These guards are better trained and can
prevent more thefts, as shown in the following table:
# guards
$3975
$510
$340
MRP
MC
$2400
$1200
$700
$700
$375
$600
$600
$600
MC
$1000
$1000
$1000
Each of these guards cost $1000 per week. How many should you hire?
c. Which is the better option--hiring the guards from the first firm as you calculated in part a, or hiring
the guards from the second firm as you calculated in part b? Why?

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Step 1: Introduce the concept of Marginal Cost (MC) and Marginal Revenue (MR).

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Step 2: 1. Determine how many guards should you hire to maximize profits from first company.

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Step 3: 2. Determine how many guards should you hire to maximize profits from second company.

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Step 4: 3. Determine from which firm should the guards hire.

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Step 5: 4. Select the answer that best explains the reason you chose the firm you did.

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