a) The level of punishment and the amount of public resources spent on increasing the probability of detection of a crime are two classic crime- ghting instruments. Discuss the relative efciency of these two instruments taking into consideration i) criminals' risk preferences and ii) the cost to society of the respective instrument. b) Why do we need criminal law in addition to tort law? Discuss! c) What is the economic explanation behind the fact that society does not devote enough resources to totally eliminate crime