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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

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