1why scarcity of this resource exists for the economy under consideration use data justify?2provide a framework and valuation methods that could be used to quantify the economic values of the scarce resource for eg (see the framework valution methods of groundwater services provided in george ,et al.2021;see also

RT TWO: RATIONAL DECISION-MAKING 1. Production Possibilities: Consider a hypotheticai economy with a limit in its production to two main products {healthcare and education. consumer and capital goods, etc). For this economy, draw the production possibilities under scarcity where the hypothetical Economy has to make a choice of production and discuss the opportunity costs and marginal rate of substitution of its production and consumption decisions. Choice under scarcity: Consider an aetuai scarce resource that requires efcient allocation and provide an economic analysis that applies to this scarce resource for a given. economy (e.g., underground water, ocean and biodiversity, arable land, vaccines, etc. )- In this analysiS, consider the fo-iiowiog: as Explain why scarcity of this resource exists for the economy under consideration. Use data to justify. Provide a framework and valuation. methods that could be used to quantify the economic values of the scarce resource (see! for example, the framework and - valuation methods of groundwater services provided in George, er al.., 20f I; see also: M) b