A lone shepherd can graze 10 sheep per year in a meadow. Each additional shepherd who uses the meadow reduces the number of sheep that can be maintained by one per shepherd. If a person would rather stay home than graze fewer than four sheep (i. e., the opportunity cost of going to the meadow is four sheep), how many shepherds will lead their flocks to the meadow every year? What are the net benefits to society of this outcome? What is the efficient number of shepherds at the meadow? Is the meadow a public good? 13. Britney

  • CreatedMarch 25, 2015
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