Table: Security in a Residential Community Quantity of Security Guards Total Cost Total Individual Benefit to Each Resident 0 $0 $0 1 $150 $10 2 $30 $16 3 $450 $18 4 $600 $19 Reference: Ref 17-3 Table: Security in a Residential Community (Table: Security in a Residential Community) Use Table: Security in a Residential Community. Suppose that the residential community has 100 residents. The marginal cost of hiring the second security guard is _____, and the marginal social benefit is _____. Select one: a. $150; $600 b. $450; $1,800 c. $450; $600 d. $150; $200
Table: Security in a Residential Community Quantity of Security Guards Total Cost Total Individual Benefit to Each Resident 0 $0 $0 1 $150 $10 2 $30 $16 3 $450 $18 4 $600 $19 Reference: Ref 17-3 Table: Security in a Residential Community (Table: Security in a Residential Community) Use Table: Security in a Residential Community. Suppose that the residential community has 100 residents. The marginal cost of hiring the second security guard is _____, and the marginal social benefit is _____. Select one: a. $150; $600 b. $450; $1,800 c. $450; $600 d. $150; $200
Chapter14: Transaction Costs, Asymmetric Information, And Behavioral Economics
Section: Chapter Questions
Problem 3.8P
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Question
Table: Security in a Residential Community
| Quantity of Security Guards |
Total Cost |
Total Individual Benefit to Each Resident |
|---|---|---|
| 0 | $0 | $0 |
| 1 | $150 | $10 |
| 2 | $30 | $16 |
| 3 | $450 | $18 |
| 4 | $600 | $19 |
Reference: Ref 17-3 Table: Security in a Residential Community
(Table: Security in a Residential Community) Use Table: Security in a Residential Community. Suppose that the residential community has 100 residents. The marginal cost of hiring the second security guard is _____, and the marginal social benefit is _____.
Select one:
a. $150; $600
b. $450; $1,800
c. $450; $600
d. $150; $200
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