1. Compare the utilitarian approach to the retributivist approach for punishing criminals. How might these two different views influence a policy maker's determination of the optimal means of crime deterrence in terms of marginal costs and marginal benefits? Show graphically how the elasticity of the aggregate crime curve would matter in this consideration?
2. Graphically show how increasing the severity of punishment for homicide, by imposing the death penalty in Canada, could impact the number of homicides that occur in Canada. Why would the elasticity of the aggregate crime curve matter and, based on this, how do you think this policy would impact the murder rate in practice?