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July 26, 2014

Homework Help: Economics

Posted by Ed on Sunday, June 3, 2007 at 6:05pm.

21st Century Electronics has discovered a theft problem at its warehouse adn has decided to hire security guards. The firm wants to hire the optimal number of guards. The follwoign table shows how the number of security guards affects the number of radios stolen each week:
# of guards # of radios stolen per wk
0 50
1 30
2 20
3 14
4 8
5 6

a) If each security guards is paid
$200 a week and the cost of a
stolen radio is $25, how many
security guards shoudl 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 guards
should the firm hire?

Make a third column, called Cost. Cost will be the cost of the security guard and the value of the radios stolen. You want to minimize this.
G Stolen Cost
0 50 1250
1 30 950
2 20 900 and so on

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