. Consider the rational criminal model. The following elasticities have been estimated: elasticity of crime with respect to the probability of imprisonment is -0.30, elasticity of crime with respect to the number of police officers in -0.45. Suppose a city council is planning to increase the number of police officers from 500 to 1000, but will close one of its two prisons (cutting probability of imprisonment in half) in order to balance the budget. Will the amount of crime increase or decrease? Show why.
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. Consider the rational criminal model. The following elasticities have been estimated: elasticity of crime with...