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July 31, 2014

Homework Help: economic

Posted by sherry on Friday, October 13, 2006 at 12:28am.

In response to increasing thefts by drug addicts, the government passess ligislations increasing both the penalty and the probability of punishment for suppliers of illegal drugs. what would you predict would happen to the rate of property crime committed by drug addicts fi the price elasticity of demand for illegal drugs is -0.01? explain your answer


Take a shot.

Draw supply and demand curves for drugs. Given your -.01 elasticity, what does that say about the "shape" of the demand curve.

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