Suppose a new drug were discovered that slowed the deterioration of health that accompanies aging. All the graphs you draw should include labels and arrows to indicate changes. What's the effect on the available time for work Tw and play Tz ? Draw its labor–leisure graph including both budget constraints and indifference curve. Draw the production possibilities frontier. Explain it.

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A: Opportunity cost is the cost/value of next best alternative forgone while making choice.

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A: When dealing with the circular flow model, one can see two types of markets such as product market…

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A: “Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: 1. Refer to the production possibilities schedule below assuming full employment. Combination F E D…

A:

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A: Production possibilities curve can be illustrate as follows: In above Figure, the vertical axis…

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A: Health is a measure of a person's well-being and as a person's health is improved he becomes more…

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A: Opportunity cost is the benefit that is not received due to not choosing the other option.

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Q: 1. Refer to the production possibilities schedule below assuming full employment. Combination G F E…

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A: In simple circular flow diagram, there are only two entities viz. Household and business houses.

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Q: What is marginalism

A: Marginalism refers the additional benefits

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