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Suppose that optimal deterrence of a particular crime requires setting the expected punishment equal to $2,000. Assume that the probability of apprehension is fixed at .2.
(a) Suppose an offender has wealth of $5,000 and incurs a cost of $1,000 per month spent in prison. What combination of a fine and prison term achieves optimal deterrence at the lowest cost?
(b) What combination of a fine and prison term is optimal for an offender with wealth of $7,000? (Assume he incurs the same monthly cost of imprisonment.)
(c) Suppose considerations of fairness dictate that the prison term of offenders who commit the same crime must be the same. What fine and prison term must be imposed on the two offenders to maintain optimal deterrence? Explain the sense in which this policy reflects a trade-off between fairness and efficiency.
Tangent distance nearest-neighbors. In each case choose the number of neighbors by tenfold cross-validation. Compare the results.
What will the bond be worth to an investor who is not too concerned about risk at that time? If the firm appears likely to go bankrupt, how will the expected return on this bond change?
Profits from recycling paper, cardboard,aluminum, and glass have increased at a constant rate of $1100 in each of the last 3 years. If this year's profit(end of the year 1) is expected to be $6000 and the profit trend continues through year 5.
Calculate the new equilibrium interest rate and quantity, and explain why the direction of the interest rate shift makes intuitive sense.
Suppose there are n people born each period. What is total saving in the economy? (Hint: Add up the saving of each age group. Remember that some age groups may have negative saving.) Explain.
A year after buying her car, Anita has been offered a job in Europe. Her car loan is for $15,000 at a 9% nominal interest rate for 60 months. If she can sell the car for $12,000, how much does she get to keep after paying off the loan
Group projects are often assigned in classes, with everyone in the group receiving the same grade for the project. Explain why a free-rider problem might arise in this situation.
What do economists mean by "an economically efficient level of pollution"?
The following information is derived from a sample of observations: ∑Yi = 1110, ∑Xi = 1680, ∑Yi2 = 133,300, ∑Xi2 = 315,400 and ∑XiYi - 204,200, Calculate SST, SSE, SSR and R2
What would you expect to be the pattern of international specialization and trade? What would determine who produces the good?
supposing that cars are capital intensive relative to shoes, which country will have comparative advantage in the production of cars? Of shoes? Explain.
A consumer has 400 to spend on goods X and Y. The market prices of these two goods are Px = $10 and Py = $40. a. What is the market rate of substitution between goods X and Y b. Illustrate the consumer's opportunity set in a carefully labeled diag..
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