Suppose that the social cost of crime, C(L), is a decreasing function of the number of police employed,L. Let the cost of maintaining the police force be wL, where w is the wage rate.(c) Show graphically how you would choose the efficient size of the police force. (Assume that thefunction C(L) is decreasing at a decreasing rate.) Use Google draw (lines and curves are the onlyfunctions you need). Afterward, download the image as JPEG and upload it into the question.(d) How will an increase in the wage rate of police officers affect the efficient amount of crime?Suppose the following information has been gathered on the enforcement of a speed limit on aparticular highway over a holiday weekend:No. ofspeedersProbability ofExpenditure onenforcement apprehension ( p)Еxpectedfine (pf)$ 1,000.12$1,00010,000.550500100,000.91001001,0005(e) Suppose the goal is to limit the number of speeders to 500. What actual fine, f, and whatprobability of apprehension, p, minimizes the cost of achieving this goal?(f) Suppose the actual fine for speeding is statutorily capped at $100. What now is the minimumexpenditure on enforcement that achieves the goal of 500 speeders?

Suppose that the social cost of crime, C(L), is a decreasing function of the number of police employed, L. Let the cost of maintaining the police force be wL, where w is the wage rate. (c) Show graphically how you would choose the efficient size of the police force. (Assume that the function C(L) is decreasing at a decreasing rate.) Use Google draw (lines and curves are the only functions you need). Afterward, download the image as JPEG and upload it into the question. (d) How will an increase in the wage rate of police officers affect the efficient amount of crime?

Suppose that the social cost of crime, C(L), is a decreasing function of the number of police employed, L. Let the cost of maintaining the police force be wL, where w is the wage rate. (c) Show graphically how you would choose the efficient size of the police force. (Assume that the function C(L) is decreasing at a decreasing rate.) Use Google draw (lines and curves are the only functions you need). Afterward, download the image as JPEG and upload it into the question. (d) How will an increase in the wage rate of police officers affect the efficient amount of crime?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Stuck on question for hours. Question in Image attachment. Thanks for your help :)