Yes if you are a ill educated economist and ignore the capital cost.
And you know this how? You don't know that capital costs weren't included in the cost number. But even if that were the case, there is a lot of R&D that goes into creating missile systems too. What's important here is the marginal cost. A dollar versus a million dollars, well, it doesn't take long for those numbers to add up to some very big savings. R&D is a one time cost. Once you have it, you don't have to go back and reinvent the wheel every time you need to use it.
One more point, this has absolutely nothing to do with economics or economists. It has everything to do with cost accounting. Economists don't care how projects are costed. http://www.investopedia.com/terms/c/cost-accounting.asp?partner=asksa
Also, they rarely if ever tell what is the maximum kill range on an aluminum skinned (high refectivity) target
Well, I wouldn't expect them to release maximum kill range information. That's classified information. Generally military folks don't disclose information which benefits potential adversaries. You don't think the US Navy understands the issues you have mentioned? Why do you think this has been long in development? There were a lot of issues to resolve before deployment, like kill ranges and weather,
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