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 $18, 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. 19% 16% 25% 12% 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 15% citywide, and the average opportunity cost of parking is, again, $18. The fine that would make the average person indifferent between searching for parking and parking illegally is S assuming that people will not park illegally if the expected value of doing so is negative.

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 $18, 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. 19% 16% 25% 12% 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 15% citywide, and the average opportunity cost of parking is, again, $18. The fine that would make the average person indifferent between searching for parking and parking illegally is S assuming that people will not park illegally if the expected value of doing so is negative.

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

See similar textbooks

Similar questions

Please do not give solution in image format thanku 2. Think about your own approach to problem-solving. Do you rate values or objective data more highly? How do you persuade someone who thinks differently from you?
Can you provide more in-dept answers?
Develop two examples each of closed-ended questions and open-ended questions.
what is the process of set yogurt production.
give examples of each response bias. Interviewer bias Auspice bias Extremity bias
Describe how your pre approach would differ (in dress, tone, conversation) for selling computer software to a start-up liquor manufacturer
How would you differentiate instruction for students who are having difficulty reading and gaining information from print materials?
Need help answering this question. What drawbacks do you see associated with conducting surveys online? Are privacy issues greater with online surveys than with other forms of administering surveys, such as phone, face-to-face, or mail?
Why is it important for people to have a great attitude and pay attention during a problem-solving process?
CHOICE MAKING 2. What should you do if a person makes only neutral actions in response to an item you offer? Leave the item for them to take later. Help them touch or sample the item. Put the item away and offer something else. Make a choice on their behalf.
How could security surveillance of employees and homeless people be presented in a way that would satisfy a listeners’ attitude of “What’s in it for me?
Your client, Tepperman's, has just received news that one of their customers has left a negative review on Google and has asked you for advice on how to respond. What instructions and best practices would you tell Tepperman's on how to respond? Within your answer, clearly outline the steps Tepperman's should take in satisfying this customer both online and offline, also include a draft response to the negative review on behalf of Tepperman's Tepperman's - London Brandon Gallant Left a review on Mar 28, 2023 on Google WARNING DO NOT SHOP HERE!!! Bought a couch and love seat set almost a year ago that was delivered defective (missing a part in the love seat). Unfortunately it operated completely fine for a month or so before we noticed that it was a defective loveseat, so now we have been getting the run around from customer service since august 2022. Apparently they ordered the part after we first called in august, but the date of arrival has been changed 5 times since then and…