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What is the efficient number of shepherds at the meadow

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Reference no: EM132192604

Question: Rosen and Gayer (2014), 10h edition, US and Global editions

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 is the net gain to society (in number of sheep) of this de facto outcome? What is the efficient number of shepherds at the meadow? What is the net gain to society (in number of sheep) of this efficient outcome? Is the meadow a public good?

Reference no: EM132192604

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