1. Suppose the following information has been gathered on the enforcement of a speed limit on aparticular highway over a holiday weekendExpenditure onenforcement$1,000Probability ofapprehension (p)Expected fine(pf)Number ofspeeders.11,00010,000100,000.550500.91,0005a. Suppose the goal is to limit the number of speeders to 500. What actual fine, f, andwhat probability of apprehension, p, minimizes the cost of achieving this goal?b. Suppose the actual fine for speeding is statutorily capped at $100. What now is theminimum expenditure on enforcement that achieves the goal of 500 speeders?

As per given by the question, There are given that enforcement of a speed limit on a particular…

a. Suppose the goal is to limit the number of speeders to 500. What actual fine, f, and what probability of apprehension, p, minimizes the cost of achieving this goal? b. Suppose the actual fine for speeding is statutorily capped at $100. What now is the minimum expenditure on enforcement that achieves the goal of 500 speeders?

a. Suppose the goal is to limit the number of speeders to 500. What actual fine, f, and what probability of apprehension, p, minimizes the cost of achieving this goal? b. Suppose the actual fine for speeding is statutorily capped at $100. What now is the minimum expenditure on enforcement that achieves the goal of 500 speeders?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Concept explainers

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

1. Suppose the following information has been gathered on the enforcement of a speed limit on a
particular highway over a holiday weekend
Expenditure on
enforcement
$1,000
Probability of
apprehension (p)
Expected fine
(pf)
Number of
speeders
.1
1,000
10,000
100,000
.5
50
500
.9
1,000
5
a. Suppose the goal is to limit the number of speeders to 500. What actual fine, f, and
what probability of apprehension, p, minimizes the cost of achieving this goal?
b. Suppose the actual fine for speeding is statutorily capped at $100. What now is the
minimum expenditure on enforcement that achieves the goal of 500 speeders?

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