Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Macroeconomics Expert

Individuals, firms, governments and countries are faced with choices as all resources are scarce. A production possibility curve (figure shown below) measures the maximum combination of outputs that can be achieved from a given number of inputs. In practice economists use a production possibility curve with two goods to elucidate the concept of opportunity cost.

In the illustration below the two goods that a country can produce are health care and education.

1766_production possibility.jpg

Use the graph above to answer the given problems:

problem a: How many units can be produced if a country employs all of its resources on health care?

problem b: How many units can be produced if a country employs all of its resources on education?

problem c: If a country is presently producing 11 units of health care and 16 units of education, then what is the opportunity cost of producing 5 more units of education?

While a production possibility curve describes the possible combinations of output that can be produced with a given set of inputs, it doesn’t tell us who should receive, and in what amount, the health care and education that gets produced. prepare an essay of at least 300 words however no more than 600 words in length that discusses how you would decide to distribute the health care and education which gets produced. Your essay must describe the role of critical thinking and of Saint Leo’s core values in making your decision.

Instructions:

Please prepare a logically developed, unified essay which shows your understanding of the subject matter.

The essay must be between 300 and 600 words in length. Make sure that you have a thesis (a main point that you are making) and develop it thoroughly and logically. Use specific illustrations based on empirical evidence (from direct observation or experience) and clear, Standard English. All work should be your own or properly cited by using APA, MLA or some other standardized format for citations which is recognized in your major.

Please use 12-point Times New Roman font. For line spacing, please use at least one and half spaces. Please number your pages if required.

Macroeconomics, Economics

  • Category:- Macroeconomics
  • Reference No.:- M9743

Have any Question? 


Related Questions in Macroeconomics

The economy is operating below full employment y0 gt y the

The economy is operating below full employment (Y0 > y* )The government wants bring the economy back to full employment but in the process wants to change the composition of demand toward investment and away from consump ...

A college student has two options for meals eating at the

A college student has two options for meals : eating at the dining hall for $6 per meal, or eating a Cup O'soup for $1.50 per meal. His weekly food budget is $60. Draw the budget constraint showing the trade-off between ...

Please help menbspanswer the followingnbsp question based

Please help me answer the following  question based on the course outline and the text professor required. (around 400 words each question) The phenomenon known as the Industrial Revolution was the culmination of a proce ...

1 what is opportunity cost and what does it mean2 what are

1. What is opportunity cost and what does it mean? 2. What are the eight guideposts to economic thinking and how to incentives fit into thinking like an economist? 3. What role does scarcity play in economic thought? Doe ...

Mundell-fleming modelexplain the use of the mundell-fleming

Mundell-Fleming Model Explain the use of the Mundell-Fleming Rule to solve a combination of Unemployment and BOP deficit. Be sure to explain how your policies would fix the imbalances.

Although there are many different examples of economies in

Although there are many different examples of economies in the world, all of them demonstrate one or more of the four basic types of market structure. For this assignment, in your own words, Identify the four basic marke ...

This question basically asks you to compare the net present

This question basically asks you to compare the Net Present Value (NPV) to the Internal Rate of return (IRR) on the time length of an investment project. a. Draw a "growth curve" for a investment project on a log P V t s ...

Market failure market failure is a situation in which a

Market Failure Market failure is a situation in which a givenmarket does not efficiently organize production or allocate goodsand services to consumers. Overcoming market failure is asignificant challenge for the governm ...

1 suppose you are hired to manage a small manufacturing

1. Suppose you are hired to manage a small manufacturing facility that produces Widgets. (Part A) You know that you are operating in a monopolistically competitive market, that is, you are a small part of a large market ...

This question concerns labor mobility between countries a

This question concerns labor mobility between countries A and B. a. Say that country A's MPL = -L + 10 and country B's MPL = 2L + 1. What would be the optimal amount of L? Note: country B's MPL is written in terms of the ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen