5 DQuestion 6Recall that the economic goal of criminal law is to minimize the sum of three things: (1) the social cost of the crimes that are committed, (2) the cost of detection, and (3)the cost of trying and punishing the offenders who get caught.Suppose that a crime has a social cost of $10,000 each time it is committed. Every time an offender is caught, he or she is tried, convicted, and imprisoned. The cost oftrying and punishing each offender who gets caught is $25,000. A city is considering hiring additional police dedicated to detecting this crime. The change wouldincrease the fraction of offenders who get caught from 10% to 20%. Suppose this increase in detection would result in a decrease in the number of crimes committedfrom 1,000 a year to 800 a year.What effect would hiring the additional police have on the social cost of crimes committed?O $1 million reduction in the social cost of crimesO $2 million reduction in the social cost of crimesO $6 million reduction in the social cost of crimesO $9 million reduction in the social cost of crimesQuestion 7Suppose that a crime has a social cost of $10,000 each time it is committed. Every time an offender is caught, he or she is tried, convicted, and imprisoned. The cost oftrying and punishing each offender who gets caught is $25,000. A city is considering hiring additional police dedicated to detecting this crime. The change wouldincrease the fraction of offenders who get caught from 10% to 20%. Suppose this increase in detection would result in a decrease in the number of crimes committedfrom 1,000 a year to 800 a year.What effect would hiring the additional police have on the cost of trying and punishing offenders?O $1 million reduction in the cost of trying and punishing offendersO $1 million increase in the cost of trying and punishing offendersO $1.5 million increase in the cost of trying and punishing offendersO $2.5 million increase in the cost of trying and punishing offendersO $3 million reduction in the cost of trying and punishing offenders|oo

Given information Social cost of each criminal=$10000 The cost of trying and punishing=$25000 Due to…

Recall that the economic goal of criminal law is to minimize the sum of three things: (1) the social cost of the crimes that are committed, (2) the cost of detection, and (3) the cost of trying and punishing the offenders who get caught. Suppose that a crime has a social cost of $10,000 each time it is committed. Every time an offender is caught, he or she is tried, convicted, and imprisoned. The cost of trying and punishing each offender who gets caught is $25,000. A city is considering hiring additional police dedicated to detecting this crime. The change would increase the fraction of offenders who get caught from 10% to 20%. Suppose this increase in detection would result in a decrease in the number of crimes committed from 1,000 a year to 800 a year. What effect would hiring the additional police have on the social cost of crimes committed? $1 million reduction in the social cost of crimes O $2 million reduction in the social.cost of crimes

Recall that the economic goal of criminal law is to minimize the sum of three things: (1) the social cost of the crimes that are committed, (2) the cost of detection, and (3) the cost of trying and punishing the offenders who get caught. Suppose that a crime has a social cost of $10,000 each time it is committed. Every time an offender is caught, he or she is tried, convicted, and imprisoned. The cost of trying and punishing each offender who gets caught is $25,000. A city is considering hiring additional police dedicated to detecting this crime. The change would increase the fraction of offenders who get caught from 10% to 20%. Suppose this increase in detection would result in a decrease in the number of crimes committed from 1,000 a year to 800 a year. What effect would hiring the additional police have on the social cost of crimes committed? $1 million reduction in the social cost of crimes O $2 million reduction in the social.cost of crimes

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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