Which lawyer would you sooner choose if you were on trial for a serious crime in a urban vs. a rural society. Is there a difference between the two communities? If there is tell us why there might be a difference.

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Nestor RutherfordLv2

2 Oct 2018

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3. Most of us would like to live in a world were crimes are reported and dealt with, but weâd prefer to have others bear the burden of reporting a crime. Suppose a crime is witnessed by 76 N people, and suppose the cost of picking up the phone and reporting the crime is c > 0. Begin by assuming that everyone places a value x > c on the crime being reported, and if the crime goes unreported, everyoneâs payoff is 0. Thus, the payoff to me if you report a crime is x, and the payoff to me if I report a crime is (x - c). (a) Each person then has to simultaneously decide whether or not to pick up the phone to report the crime. Is there a Nash equilibrium in which no one reports the crime? (b) Is there a Nash equilibrium in which more than one person reports the crime? (c) There are many Nash equilibria in this game. What do all of them have in common?

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Recommend two to three ways to reduce crime in the city or town in which you live. Explain how these recommendations would make good economic policy.

Give your opinion on how economic analysis can be used to assist in understanding why there could be a reduction in crime.

Environmental economic:

A/What is the difference conceptually between the short-run versus the long-run price elasticity of demand for water? Empirically, how large might the difference be in quantitative terms? If you were a planner working for the Phoenix Water department and you anticipated a situation of water shortage within the next few months, which of the two demand elasticities would be the more relevant for your plans, and why? Alternatively, suppose you were working on report assessing the cityâs Water Plan, looking at water supply capacity that will be needed in Phoenix over the period 2020-2030. Which of the two demand elasticities would be the more relevant for your work, and why?

B/ What about the difference between the short-run versus the long-run price elasticity of demand for Coca Cola? Do you think that would larger than the difference between the short-run versus the long-run price elasticity of demand for water, smaller, or about the same size?

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Which lawyer would you sooner choose if you were on trial for a serious crime in a urban vs. a rural society. Is there a difference between the two communities? If there is tell us why there might be a difference.

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