Depict two separate production possibilities curves

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Reference no: EM131166764

Depict two separate production possibilities curves and clearly label which one represents the quadrant 2 scenario and which one represents the quadrant 3 scenario. Assume Medical Care is on the vertical axis and All Other Goods and Services are on the horizontal axis in both diagrams. You should also identify a point where society will be under each scenario and label it K in each diagram. Explain how risk sharing impacts the production possibilities curve you drew and ultimately society by describing each diagram in four sentences or less.

Quadrant Information:

1 - fixed payment, low, low likelihood

2 - Variable payment, low, high likelihood

3 - Fixed payment, high, very low likelihood

4 -Variable payment, high, moderate likelihood

Reference no: EM131166764

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