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

Standards are very important part of industry benchmarks

Standards are very important part of industry benchmarks, regulations, and quality systems.  Explain the following in details: The purpose and need of standards.  Give at least three example List at least three sets of U ...

As an employee of the world bank you have been asked to

As an employee of the World Bank, you have been asked to research 1 economic concern in an African country and write a report on your findings. Select an African country to research. Select 1 of the following economic co ...

Research the internet to determine if there are any ddbmss

Research the internet to determine if there are any DDBMSs that follow all 12 rules. Explain on examples.

What is the lm equation in a large open economy what is the

What is the LM equation in a large open economy? What is the LM equation in a large open economy? What is the LM equation in a large open economy? What is the LM equation in a large open economy?

This is the market for movie tickets at a theater you can

This is the market for movie tickets at a theater. You can see the market demand for ticketsand the marginal and average cost for showing movies. The theater owners have determinethat they serve three segmented groups of ...

Complete parts a and b completelypart a suppose nominal gdp

Complete Parts A and B completely (Part A) Suppose nominal GDP in 2012 was $200 billion, and in 2014, it was $210 billion. The general price index in 2012 was 100 and in 2014 it was 105. Between 2012 and 2014, the real G ...

1 we have read about medical etiquette standards and ethics

1. We have read about medical etiquette standards and ethics. What is the difference between medical etiquette and ethics? Provide examples and explain why it is necessary to understand this distinction. 2. Describe the ...

Why did the bretton woods system of fixed exchange rates

Why did the Bretton Woods system of fixed exchange rates collapse? (Explain in 200 words minimum)

Need the answer in 150 wordswhat is currency overshooting

Need the answer in 150 words. What is currency overshooting? Using an example of a permanent decrease in money supply, explain with the help of graphs, how the money market and forex market respond to the change in the s ...

Questionbefore 1970 many countries were on the gold

Question: Before 1970, many countries were on the gold standard. Since that time, floating exchange regimes have dominated the global economy. Select a country which now has a floating or a pegged exchange rate. Prior to ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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