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a1odd_Fall2008

# a1odd_Fall2008 - CARLETON UNIVERSITY Department of...

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CARLETON UNIVERSITY Department of Economics ECON 1000A TUTORIAL ASSIGNMENT 1 GROUPS 1,3,5,7,9,11 Instructor: D. Smith________________________________________________FAll 2008 1. Carleton University has a theft problem. Bicycles and stereo equipment have been stolen from many campus locations. To reduce the extent of the problem, the campus police have hired 5 new officers. The table below gives the expected number of thefts for different ways of assigning the 5 new officers. New officer assigned to bicycle duty Reduction in bike thefts New officers assigned to residence patrol Reduction in theft of stereos 1 25 1 10 2 45 2 18 3 60 3 25 4 70 4 31 5 75 5 36 (a) Plot the production possibilities curve for theft reduction. Be sure to label axes carefully. (b) Describe the opportunity costs involved in assigning the 5 new officers. Your opportunity cost answer should refer to points in the PPC diagram.

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a1odd_Fall2008 - CARLETON UNIVERSITY Department of...

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