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Production Possibilities: Consider a hypothetical economy with a limit in its production to two main products (healthcare and education, consumer and capital goods, etc.). For
Production Possibilities: Consider a hypothetical 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.
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