Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that enables
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Return to the example in Figure 2.4. Suppose there is an improvement in medical technology that enables more healthcare with the same amount of resources. How would this affect the production possibilities curve and, in particular, how would it affect the opportunity cost of education?
Figure 2.4
Transcribed Image Text:
Healthcare A B C R E₁ E₂ D PPF₂ F Education
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Because of the improvement in technology the vertical intercept of the PPF wo...View the full answer
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