Examlex

Solved

The Table Below Shows the Marginal Benefit Per Year (In

question 111

Essay

The table below shows the marginal benefit per year (in dollars)and the marginal cost per year (in dollars)of hiring additional police officers in a small community. The table below shows the marginal benefit per year (in dollars)and the marginal cost per year (in dollars)of hiring additional police officers in a small community.   (A)Is the service provided by the police a public good? (B)Plot the marginal benefit and the marginal cost on a graph,with the number of police officers on the horizontal axis.In this graph,show the optimal number of police officers. (C)Given the definition of the market demand curve,is the marginal benefit schedule the same as the town's demand curve for police? (A)Is the service provided by the police a public good?
(B)Plot the marginal benefit and the marginal cost on a graph,with the number of police officers on the horizontal axis.In this graph,show the optimal number of police officers.
(C)Given the definition of the market demand curve,is the marginal benefit schedule the same as the town's demand curve for police?


Definitions:

Trade-In Allowance

The discount or credit granted for the return of an old item when purchasing a new one.

Depreciation

The allocation of the cost of a tangible asset over its useful life, representing the decrease in value due to wear and tear, age, or obsolescence.

Trade-In Allowance

Trade-In Allowance is the credit a dealer offers to the consumer towards the purchase of a new item by trading in an older model or item.

Depreciation

A technique for distributing the expense of a physical asset throughout its lifespan.

Related Questions