Suppose that the supply curve of serving in the military Is S(P) = P, where Q = S(P) Is number of hours employed in military service a day. There are only mercenaries in the army (there is no draft). P is the hourly pay for serving in the military, and the country needs 550 hours of military service a day. Calculate the social cost of maintaining the army per day
Suppose that the supply curve of serving in the military Is S(P) = P, where Q = S(P) Is number of hours employed in military service a day. There are only mercenaries in the army (there is no draft). P is the hourly pay for serving in the military, and the country needs 550 hours of military service a day. Calculate the social cost of maintaining the army per day
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter4: Demand And Supply: Applications And Extensions
Section: Chapter Questions
Problem 6CQ
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