Combinations    Rice    Shoe           A                   50    0           B                   45    1           C                   37    2           D                   27    3           E                   15    4          F                      0    5 A). Draw the Production Possibility curve with Rice on the vertical axis and shoes on the horizontal axis.  B). Explain why the combination of production located on the production possibility curve are superior to the combination located inside the curve.

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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.