The Various States Have Granted Different Levels of Discretion to Judges

question 3

Essay

The various states have granted different levels of discretion to judges in regard to how they may or may not sentence defendants. List, define, and explain these sentencing schemes.

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Definitions:

Producer Surplus

The difference between what producers are willing to accept for a good or service versus what they actually receive.

Profit Sharing

An incentive program that grants employees a share in the company's profits as part of their compensation.

Expected Profits

The anticipated financial gain from an investment or business activity, calculated by multiplying possible outcomes by their probabilities and summing the results.

Cost Function

Function relating cost of production to level of output and other variables that the firm can control.