Economics Homework Help

I’m working on a economics discussion question and need an explanation and answer to help me learn.

These questions need to be answered using the article:

1) Describe the main components of the Lambeth Cannabis Warning Scheme. How did the criminal justice involvement of someone “caught” in possession of cannabis change while the policy was in effect? What about the criminal justice involvement of someone arrested for selling cannabis?

2) Using a graph, show how these changes should have affected the price and quantity of cannabis in Lambeth.

3) How do the authors measure the impact of depenalization on cannabis use and crime? What sources of data do they use? What do they find? Is this consistent with your graph?

4) Did depenalization increase or decrease social welfare overall? (remember: social welfare is the overall amount of utility in society) What data and evidence do the authors present on this? Do you find their arguments convincing?

5) At the end of the paper, the authors present estimates of the elasticity of crime with respect to police for Lambeth and the rest of London, based on what they observe during the LCWS. Are their estimates consistent with existing research? Why are the estimates for Lambeth and the rest of London different?