SECURITY (Percent of terrorists caught) 50 40 30 20 10 0 0 + + 20 + + 40 60 80 TOURISM (Millions of visitors per year) 100 ☆ Again, suppose the first bill that is introduced mandates that security be improved so that the probability of catching a terrorist at the border increases from 10% to 20%, and these measures do not change the position of the blue curve. The opportunity cost of this increase in security is million visitors per year. Suppose the first bill is passed, raising the probability of catching any given terrorist from 10% to 20%. However, this isn't enough for some lawmakers. One representative introduces a bill that would increase security by an additional 10 percentage points. Again, assume these measures do not change the position of the blue curve. The opportunity cost of this additional measure is additional visitors per year. Refer back to your previous answers. The opportunity cost of increasing the probability of catching a terrorist from 20% to 30% is the opportunity cost of increasing that probability from 10% to 20% million

SECURITY (Percent of terrorists caught) 50 40 30 20 10 0 0 + + 20 + + 40 60 80 TOURISM (Millions of visitors per year) 100 ☆ Again, suppose the first bill that is introduced mandates that security be improved so that the probability of catching a terrorist at the border increases from 10% to 20%, and these measures do not change the position of the blue curve. The opportunity cost of this increase in security is million visitors per year. Suppose the first bill is passed, raising the probability of catching any given terrorist from 10% to 20%. However, this isn't enough for some lawmakers. One representative introduces a bill that would increase security by an additional 10 percentage points. Again, assume these measures do not change the position of the blue curve. The opportunity cost of this additional measure is additional visitors per year. Refer back to your previous answers. The opportunity cost of increasing the probability of catching a terrorist from 20% to 30% is the opportunity cost of increasing that probability from 10% to 20% million

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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