This week I introduced you to our rst model. the production possibility frontier. For a simple model. it packs quite a punch. It allows us to analyze scarcity. trade-offs. benets of trade. economic growth and even the potential impact of real world events. As a reminder. there are four key assumptions to consider when working with the PPF. 1. Two goods: Resources are used to produce one or both of only two goods. This isa simplifying assumption that makes it easy for us to demonstrate production possibilities using a graph. 2. Resources are xed: The amount of land. labor. capital. and entrepreneurship do not change. 3. Technology is xed: The information that society has about the how to produce goods and services is xed. 4-. Efciency: When all resources are used to produce a maximum combination of outputs. the economy is operating efciently. For this assignment. we will expand our analysis of the PPF by using it to demonstrate the impact of the Could'19 pandemic. In March 2020. in the midst of the global Coyid19 pandemic. the President of Ghana. Nana Addo Dankwa Akuto-Addo made the following statement: We know what to do to bring back our economy back to life. What we do not know how to do is to bring people back to life\" This statement represents an acknowledgment of a major challenge all economies were facing at the time. the desire and need to protect public health while at the same time minimizing the economic impact. For this assignment. I want you to consider this trade-off between economic and health outcomes in the context of a production possibility frontier. This will allow us to look at a complex dilemma in the context of a simplied economic model to gain a better understanding of the tradeoffs we were facing as a society at the time. Consider the set up below: Health Outcomes Health and Economy Trade-Off Economic Outcomes Instructions 1. How do you think the Covid-19 pandemic would impact this PPF? Using paper, our Graphing Template, or your own graphing tool, create a PPF that represents this trade-off between heath and economic outcomes before and after the pandemic. Imagine that prior to the pandemic, society operates at point A and after the pandemic hit, society operates at point B. Be sure to label your graph clearly so that I can see what the "before" and "after" are. Include points A and B within your diagram. 2. Briefly explain your graph (2-5 sentences). Do you think society would move to a new point on the PPF? Why? Do you think the PPF would shift or pivot? Why? Keep in mind, this is a thought experiment. Don't worry about being right! @ Simply use what you know about the assumptions of the PPF to support your position