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Scenario: This Problem Applies the Principle of Optimization Covered in Chapter

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Scenario: This problem applies the principle of optimization covered in Chapter 5 to the problem of choosing how many hours to work. Paul has to decide how many hours to work per day. His boss is willing to give Paul whatever hours Paul wants up to 8 hours. All else being equal, he would rather not work, that is, Paul has positive marginal benefit from each hour of leisure. But he is an avid collector of presidential campaign buttons. The more leisure he takes, the fewer buttons he can afford. So Paul faces a trade-off between leisure and buttons. Each button costs $1.00. The table below shows Paul's marginal benefits from leisure (MBlₑᵢsᵤᵣₑ) and buttons (MBbᵤttₒn) .
Scenario: This problem applies the principle of optimization covered in Chapter 5 to the problem of choosing how many hours to work. Paul has to decide how many hours to work per day. His boss is willing to give Paul whatever hours Paul wants up to 8 hours. All else being equal, he would rather not work, that is, Paul has positive marginal benefit from each hour of leisure. But he is an avid collector of presidential campaign buttons. The more leisure he takes, the fewer buttons he can afford. So Paul faces a trade-off between leisure and buttons. Each button costs $1.00. The table below shows Paul's marginal benefits from leisure (MBlₑᵢsᵤᵣₑ)  and buttons (MBbᵤttₒn) .    -Refer to the scenario above.If the hourly wage is $1.00,how many hours would Paul choose to work? How many buttons would he buy? A)  6 hours; 6 buttons B)  3 hours; 3 buttons C)  2 hours; 2 buttons D)  0 hours; 0 buttons
-Refer to the scenario above.If the hourly wage is $1.00,how many hours would Paul choose to work? How many buttons would he buy?

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Definitions:

Social Deviations

Noncriminal departures from norms that are nonetheless subject to official control. Some members of the public regard them as somewhat harmful, whereas other members of the public do not.

Tougher Penalties

Increased severity of punishments or consequences for criminal activities aimed at deterring crime.

Crime Rates

The number of crimes committed per unit of population within a specified time period.

Prison

A facility in which people are forcibly held and denied a range of personal freedoms under the authority of the state as punishment for crimes.

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