1). Do We Need Another Movie Like "Top Gun?" The US military has claimed that there may soon be a shortage of fighter pilots. The Pentagon predicts that f actions are not taken the shortage will get much larger in the coming 3-5 years. As background nformation, you should know that both the demand and wages of commercial pilots has risen over the past ive years (which you should see as a substitute for military pilots). 1). First, graph and explain economically what the Pentagon might mean by a shortage? (note: the demand for fighter pilots is fairly inelaştic) Would micro see this shortage as an inefficiency? If so, show the deadweight loss. ). Provide two efficient solutions to solve the coming shortage of fighter pilots and graphs your solutions.

1). Do We Need Another Movie Like "Top Gun?" The US military has claimed that there may soon be a shortage of fighter pilots. The Pentagon predicts that f actions are not taken the shortage will get much larger in the coming 3-5 years. As background nformation, you should know that both the demand and wages of commercial pilots has risen over the past ive years (which you should see as a substitute for military pilots). 1). First, graph and explain economically what the Pentagon might mean by a shortage? (note: the demand for fighter pilots is fairly inelaştic) Would micro see this shortage as an inefficiency? If so, show the deadweight loss. ). Provide two efficient solutions to solve the coming shortage of fighter pilots and graphs your solutions.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Figure 3.4 Market A Market B S. 18- 12--- 12 D. Quantity (hours) Quantity (hours) Assume that Figure 3.4 represents the markets for comparably skilled and educated economists and coal miners. If there are more coal miners, identify which market represents each profession. What is the economists' wage? What is the coal miners' wage? O $15: $15 O $18: $12 O $18; $18 O $12: $18 Wage
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Please help me to solve question 6 d. I am having a little bit of trouble understanding it. Thank you