How high must the probability of being caught speeding

Reference no: EM13207695

Suppose that most people will not speed if the expected ne is greater than $200. Given current police practices, the probability of being caught speeding is 20%.

a. How high must the actual ne for speeding (what you have to pay if you get a ticket) be to deter most people from speeding?

b. Suppose the Lexington mayor caps the amount police can ne speeding motorists at $500. The police vow to step up enforcement in order to cintinue to deter speeding. How high must the probability of being caught speeding be in order to deter most people from speeding?

Reference no: EM13207695

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