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Probability Assignment | Homework For You

Author:
November 30th, 2019

1.     Suppose a firm is considering installing cameras and using spy software on the computers at the office to monitor its workers in addition to hiring additional supervisors.

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The firm estimates that increasing the probability of catching workers who shirk by .01 costs the company $10,000 per year. For example, in the problem above when going from 0.30 to 0.31, it would cost the firm $10,000 per year. How much would the firm have to spend in order to impose shirking costs of $75,000 on its average worker? Show your work. Assume that

·        the firm’s work force is on average 20 years away from retiring

·        that the firm’s workers could find similar work in other companies earning $40,000

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·        that the company currently pays its workers $42,000

·        and that the current probability of catching workers who shirk is 0.30, Get Economics homework help today

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