Using a supply and demand diagram illustrate equilibrium in

Reference no: EM13390961

During the Revolutionary War, the demand for soldiers was inelastically set by General George Washington while the supply of soldiers was increasing in the wage rate per usual.

a. Using a supply and demand diagram, show the equilibrium in the market for soldiers when the demand for soldiers can be met by the supply of soldiers.

b. Using another supply and demand diagram, show the same market for soldiers when the wage rate offered by the government is below the market clearing level. What economic situation will arise in the market for soldiers in this case?

c. Given that the Continental Congress offered soldiers a wage rate below the market clearing level, why did it need to resort to conscription to meet General Washington's stated demand for soldiers?

d. In fact, for those who could afford to do so, a conscripted man could hire someone to replace him. What wage rate would the hired soldier have to be paid so that he would willingly go serve in place of the person hiring him?

Reference no: EM13390961

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