3. Further questionsNow, imagine that Port Chester decides to crack down on motorists who park illegally by increasing the number of officers issuing parking tickets(thus, raising the probability of a ticket). If the cost of a ticket is $100, and the opportunity cost for the average driver of searching for parking is $12,which of the following probabilities would make the average person stop parking illegally? Assume that people will not park illegally if the expectedvalue of doing so is negative. Check all that apply.13%21%9%10%Alternatively, the city could hold the number of officers constant and discourage parking violations by raising the fine for illegal parking. Suppose theaverage probability of getting caught for parking illegally is currently 10% citywide, and the average opportunity cost of parking is, again, $12. Thefine that would make the average person indifferent between searching for parking and parking illegally is 5park illegally if the expected value of doing so is negative.assuming that people will not

The opportunity cost is time spent evaluating and that money to spend on something else. A farmer…

Now, imagine that Port Chester decides to crack down on motorists who park illegally by increasing the number of officers issuing parking tickets (thus, raising the probability of a ticket). If the cost of a ticket is $100, and the opportunity cost for the average driver of searching for parking is $12. which of the following probabilities would make the average person stop parking illegally? Assume that people will not park illegally if the expected value of doing so is negative. Check all that apply. □ 13% 21% 199 10% Alternatively, the city could hold the number of officers constant and discourage parking violations by raising the fine for illegal parking. Suppose the average probability of getting caught for parking illegally is currently 10% citywide, and the average opportunity cost of parking is, again, $12. The fine that would make the average person indifferent between searching for parking and parking illegally is S park legally if the expected value of doing so is negative assuming that people will not

Now, imagine that Port Chester decides to crack down on motorists who park illegally by increasing the number of officers issuing parking tickets (thus, raising the probability of a ticket). If the cost of a ticket is $100, and the opportunity cost for the average driver of searching for parking is $12. which of the following probabilities would make the average person stop parking illegally? Assume that people will not park illegally if the expected value of doing so is negative. Check all that apply. □ 13% 21% 199 10% Alternatively, the city could hold the number of officers constant and discourage parking violations by raising the fine for illegal parking. Suppose the average probability of getting caught for parking illegally is currently 10% citywide, and the average opportunity cost of parking is, again, $12. The fine that would make the average person indifferent between searching for parking and parking illegally is S park legally if the expected value of doing so is negative assuming that people will not

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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please send handwritten solution for Q3
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