Law and Economics

 The problem set is out of 50 points. Note that the number beside a question indicates its point value, and that the number beside each part of a question indicates that part’s point value.
You are encouraged to work with a group. If you work on this problem set as a member of a group, please indicate on your answer sheet with whom you worked. Recall that when you work with a group, you must write up your answers independently.
It is hard to write problems that are unambiguous. If you feel that a problem is unclear, state your interpretation of the problem, and answer your interpretation. If you feel that the statement of a problem gives you insufficient information to answer it, assume the additional information needed to answer it.

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