Crows, and other birds, are eating your wheat, but not your barley. If you set up animatronic scarecrows you will increase your wheat yield to 3 wheat per acre, but not change your barley yield. The scarecrows need space to move around in, so if you set them up you will lose 5 acres. If you are allowed to set up scarecrows, which best describes the shape of your PPF? a. A single straight line, since adding scarecrows doesn’t change the fact that each acre is just as good at producing wheat or barley as any other acre. b. A concave (outward bending) smooth curve. c. A concave (outward bending) curve made up of two straight lines with different slopes that meet at a kink. d. A convex (inward bending) curve made up of two straight lines with different slopes that meet at a kink

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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.