Homework Help: Economics

Posted by Andy on Thursday, October 18, 2007 at 9:15pm.

Hi, I need help with these four questions can anyone help me, it is for my economics class.

1)How does the economic (or rational decision-maker) approach to criminology work with or against other criminology theories?

2)Suppose we know that Frank has beaten Jimmy bad enough that Jimmy must go to the hospital. As economists, what do we know about Frank’s decision to take this action?

3)Describe two regulations that lead to black markets. One of the black markets should have a price higher than the legal market and the other black market should have a price lower than the legal market.

Name the product, the regulation and why the price in the black market is different.

4)What is the difference between active (or intentional) discrimination and "statistical" discrimination? Which is easier to prevent? Why?

Economics - economyst, Friday, October 19, 2007 at 10:23am
1) At least some criminals are rational decision makers, who respond to price and price changes. If the "price" imposed on crime (that is the punishment imposed for getting caught) goes up, we would expect criminal behavior to go down.

2) the probability of getting caught times the punishment expected by the courts was less than the value of the utility that Frank got from beating the s*** out of Jimmy

3) We generally have black markets for illegal goods (e.g., drugs). But black markets can exist for legal goods. Black-market cigarettes are below-market-price goods because the sellor has not paid the excise tax. Illegal scalpers at football games sell tickets above face value because of the fixed supply of seats and the demand for such seats exceeds the face value price.

4) Intential discrimination is a sign that reads "we only hire Star-bellied Sneeches". Statistical discrimination is an observation of the data that shows that Plain-bellied Sneeches with job skills have a much higher unemployment rate than Star-bellied Sneeches.

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