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September 30, 2014

Homework Help: managerial economics

Posted by kim on Monday, July 11, 2011 at 7:01pm.

Twenty first century electronics has discovered a theft problem at its warehouse and 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.
# of security guards: 1 1 2 3 4 5
# 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 he 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?

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