Business, 18.11.2019 22:31 jerseygirl1783
Acity is considering how much to spend to hire people to monitor its parking meters. the following information is available to the city manager: bullet hiring each meter monitor costs $15 comma 000 per year. bullet with one monitoring person hired, the probability of getting a ticket each time one parks illegally is equal to 0.40. bullet with two monitors, the probability of getting a ticket is 0.70; with three monitors, the probability is 0.90; and with four, it's equal to 1.00. bullet currently two monitors are employed, and the fine for overtime parking is $20. assume first that all drivers are risk neutral. what parking fine would you levy, and how many meter monitors would you hire (1, 2, 3, or 4) to achieve the current level of deterrence against illegal parking at the minimum cost? you should hire 1 meter monitor(s) and charge a fine of $ 18. (enter your responses rounded to two decimal places.)
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Acity is considering how much to spend to hire people to monitor its parking meters. the following i...
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