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Individuals, firms, governments, and countries are faced with choices because all resources are scarce. A

production possibility curve (see 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 explain the concept of opportunity cost.

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

Use the graph above to answer the following questions:

a. How many units can be produced if a country uses all of its resources on health care?

b. How many units can be produced if a country uses all of its resources on education?

c. If a country is currently producing 11 units of health care and 16 units of education, 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 does not tell us who should receive, and in what amount, the health care and

education that gets produced. Write an essay of at least 300 words but no more than 600 words in

length that discusses how you would decide to distribute the health care and education that gets

produced. Your essay should explain the role of critical thinking and of Saint Leo%u2019s core values in making

your decision.

Instructions

Please write a logically developed, unified essay that shows your understanding of the subject matter.

The essay should 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 coherently. Use specific examples based on

empirical evidence (from direct observation or experience) and clear, standard English. All work must be your own or properly cited using APA, MLA, or some other standardized format for citations that is

recognized in your major. BE SURE TO POST REFERENCES.

Explanation / Answer

1) 15 UNITS OF HEALTH

2) 24 UNITS OF EDUCATION

3) OPPURTUNITY COST IS 4 UNITS OF HEALTH

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