Assume the economy of Scoob can produce 5 tons of rice and 15 tons of wheat while the economy of Widgland can produce 10 tons of rice and 20 tons of wheat.  Which of the following is FALSE?     A. Opportunity cost of 1 ton of wheat in Widgland is 0.5       B. Opportunity cost of 1 ton of rice in Widgland is 0.5       C. Opportunity cost of 1 ton of wheat in Scoob is 0.33           D. Opportunity cost of 1 ton of rice is Scoob is 3

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Welfare Analysis

Welfare analysis of the society is related to welfare economics. From the economic point of view former welfare economics refers to that subject which uses the techniques of microeconomics to analyse and evaluate the welfare at the economic or aggregate level.