### Example on production possibility curve

Assignment Help Macroeconomics
##### Reference no: EM13128731

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's 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.

### Previous Q& A

#### Calculate the normality

A 1.20 M solution of citric acid (H3C6H5O7) in water has a density of 1.10 g/cm3. Calculate the normality. Citric acid has three acidic protons.

#### Write research paper topic

How to write an essay proposal of (1-2 pgs) about any interesting research paper topic.

#### What is its exact molar mass

The simplest formula of a substance is found to be CH2O, and its approximate molar mass is found by experiment to be 93 g•mol-1. What is its exact molar mass?

#### Total accrued amount

If an officer is not actually paid his salary but the salary is shown as accrued for 2010, for a C Corp, is the total accrued amount for that officer included on Schedule E or only what the officer is actually paid in 2010?

#### Operating cash flows problem

Describe how operating cash flows can serve as one indicator of earnings quality.

#### What is the effect on the free cash flows for 2005

Now FASB required that all employee stock options should be expensed on income statement. On Jan. 2005, AA company granted total \$100,000 (fair value) of stock options to the employee.

#### Determine the mass of lithium hydroxide produced

Determine the mass of lithium hydroxide produced when 0.38 g of lithium nitride reacts with water to make Ammonia (NH3) and Lithium hydroxide.

#### Find the solution to chemistry electron-donating

The solution to Chemistry, Are there differences between having electron-donating groups and electron-withdrawing groups

#### What is the molarity of the initial hno3 solution

In the acid-base reaction between Sr(OH)2 and HNO3, 0.75 L of 0.85 M Sr(NO3)2 is formed upon the reaction of 0.515 L of HNO3 solution and excess Sr(OH)2.

#### Amortization schedule for the four-year term of lease

Prepare an amortization schedule for the four-year term of the lease, the journal entry for the first lease payment on December 31, 2011, and the journal entry for the third lease payment on December 31, 2013.

### Similar Q& A

#### Suzy knows that she has maximized her utility

Suzy knows that she has maximized her utility, as she is on her budget constraint.

#### Optimal price level-marginal cost

Compute the point price elasticity of demand for bearing grease. Compute the optional price for bearing grease if marginal cost is \$4.50 per unit.

#### What is bill''s opportunity cost of producing one hat

What is Bill's opportunity cost of producing one hat, In which of the two activities does Mary have a comparative advantage.

#### Suppose you tested svereral firestone tires also recorded

Suppose you tested svereral Firestone tires also recorded their failure times. Decided taht failures are normally distributed.

#### The government needs to reduce smoking

the government needs to reduce smoking by 20%, by how much should it increase the price.

#### Compute the income elasticity also elucidate how

Compute the income elasticity also elucidate how sale of the novels would change during a period of rising incomes.

#### Illustrate what would be the impact on labor

Illustrate what would be the impact on labor and capital markets of such a shift in tax policy. What is the likely differential incidence of substituting a payroll tax for an equal-yield corporate income tax.

#### Two years ago when the officials in plentiful decided

It all begins two years ago when the officials in Plentiful decided to raise the tipping fees at their Raw End

#### Elucidate why the mp-p relation is deficient

Elucidate why the MP/P relation is deficient as the sole mechanism for determining the optimal level of resource.

#### Explanation about inflation and policies

Mention and explain the two types of inflation. Which sort of inflation would most likely be associated with the negative GDP?

#### Three natural resources as well as products that could

Three natural resources as well as products that could be traded abroad based on the principles of comparative advantage for India.

#### Elucidate how will this change affect international business

Elucidate how will this change affect international business. What other industries might be affected by similar technological advancements.