0Suppose that a specific criminal act causes a netsocial harm of $100,000 every time it occurs.Criminals are caught 50% of the time. If caught, criminals are sanctioned with jail time. Let T bethe number of years a criminal is sentenced. The social cost of each year in jail,is $60,000. Thisincludes the cost to the criminal and the state (prisons, guards, wardens, etc.).Suppose currently, jail time is set at 4 years and as a result, 100 people commit the criminal act. If the sanction (punishment) is 4 years, what is the total social cost of jailing criminals (number ofarrested for the crime times the cost of jail)?6m160KO 240K12mO 10m

Social costs are the sum of private costs and any other external costs to society arising from the…

Answered: If the sanction (punishment) is 4…

If the sanction (punishment) is 4 years, what is the total social cost of jailing criminals (number of arrested for the crime times the cost of jail)? 6m O 160K 240K 12m O 10m

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

0
Suppose that a specific criminal act causes a net
social harm of $100,000 every time it occurs.
Criminals are caught 50% of the time. If caught, criminals are sanctioned with jail time. Let T be
the number of years a criminal is sentenced. The social cost of each year in jail,is $60,000. This
includes the cost to the criminal and the state (prisons, guards, wardens, etc.).
Suppose currently, jail time is set at 4 years and as a result, 100 people commit the criminal act.

If the sanction (punishment) is 4 years, what is the total social cost of jailing criminals (number of
arrested for the crime times the cost of jail)?
6m
160K
O 240K
12m
O 10m

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