Always Round Tire hires Plain Truth Advertising to write copy for its newspaper advertisements. Always Round has a demand for advertising of MB = 400 -ZS where S is the number of hours that Plain Truth delivers, and Plain Truth has a fixed supply cost: MC = $150 per hour. Assuming that there is no agency problem, how many hours should Always Round purchase from Plain Truth? Assuming that there is no agency problem, whatâ€™s the total surplus? Now, if the copy writers are slackers and only deliver 100 hours of work each week after each company spends $1,250 in monitoring or bonding costs, what is the total cost of this agency problem after monitoring and bonding?
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