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For each of the following scenarios, depict the impact it has on the equilibrium quantity and price in the market for rational murder and, separately,
For each of the following scenarios, depict the impact it has on the equilibrium quantity and price in the market for rational murder and, separately, in the market for irrational murder. Use a graph for each market and briefly explain the reasoning behind your answer.
- The penalty for aggravated assault is reduced by 1 year
- The entertainment industry is restricted from depicting extreme violence or killings using guns especially in an unrealistic or romanticized way.
- The purchase of firearms is subsidized.
- There is an economic boom and incomes increase.
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