Macroeconomics Econ Brief 1

Macroeconomics Econ Brief 1

Please answer the following question(s).  To earn full points on this assignment submissions should include a well written response that clearly and concisely addresses and answers all parts of the question(s).  Your written response alone should be 1-2 pages doubled spaced typed (excluding title, header, name, page numbers etc.).  Please cite references used in both the written response and a separate reference page. 

Please create and provide at least one original graph, please make a note at the bottom of your graph stating how you created it (for example did you draw it, use a computer program, website etc.).  Include any graphs or charts at the end of your written response and refer to them in the text.  Make sure you answer the topic question(s) from an economic perspective.  Briefs need to be submitted through Dropbox in D2L under the appropriate folder by the deadline listed above; briefs submitted late will be accepted up to 24 hours after the deadline listed above and will only be worth a maximum of 70 points out of 100.

 

Describe and illustrate what a Production Possibility Frontier (PPF) for a two good economy

 

Describe and illustrate what a Production Possibility Frontier (PPF) for a two good economy looks like, which if it used all its resources, can produce either 300 units of national security or 140 units of health care, or some combination of the two.

Next, explain what the opportunity cost is and calculate it for this example (assume constant opportunity cost). Finally, discuss the usefulness of a PPF and how it could be applied to an example like something above to support an economic argument.