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A city is considering hiring additional police dedicated to detecting a particular crime. This change would...

  1. A city is considering hiring additional police dedicated to detecting a particular crime. This change would increase the fraction of offenders who get caught from 10% to 15%. Suppose this increase in detection would result in a decrease in the number of crimes committed from 500 per year to 300 per year. The social cost of each crime is $15,000. The cost of trial and punishment for each criminal is $70,000.
    1. Calculate the effect that hiring more police would have on the social cost of crimes committed.
    2. Calculate the effect this increase in detection would have on the cost of trying and punishing offenders.
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