-The table above shows the marginal benefit from providing police protection in a community of two people, Jake and Elwood. Police protection is a public good.
a) What is the marginal social benefit to community from the 4th police car on duty?
b) If the marginal social cost of a police car on duty is $37, what is the efficient number of cars on duty?
c) If the marginal social cost of a police car on duty is $70, what is the efficient number of cars on duty?
Definitions:
Importance
The state or fact of being of great significance or value.
Earliest Due Date
A scheduling method that prioritizes tasks or orders based on the earliest due date.
Shop Floor Dispatching
The process of scheduling and controlling work and workloads on the manufacturing or production floor in real-time.
Time Available
The total amount of time that can be utilized for a specific purpose or task, often factoring in operational hours and capacity constraints.
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