ECONOMICS is fun! I got these questions from someone, and I found the answers in 3 minutes. Maybe you would like to try. Please do not compare the time with me. Remember, I am an economist. I would like to show how economics is fun and very useful. Anyone who can tell me the answers without asking anyone, I will give you a present. :) Twenty-first Century Electronics has discovered a theft problem at its warehouse and has decided to hire security guards. The firm wants to hire the optimal number of security guards. The following table shows how the number of security guards affects the number of radios stolen per week. Number of security guards 0 1 2 3 4 5 Number of radios stolen per week 50 30 20 14 8 6 a. If each security guard is paid $200 a week and the cost of a stolen radio is $25, how many security guards should the firm hire? b. If the cost of a stolen radio is $25, what is the most the firm would be willing to pay to hire the first security guard? c. If each security guard is paid $200 a week and the cost of a stolen radio is $50, how many security guards should the firm hire?
Posted on: Tue, 01 Apr 2014 16:25:39 +0000
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