Put ECG Machines on the vertical axis and Defibrillators on the horizontal axis. Draw the production possibilities curve for Plant R. On a separate graph, draw the production possibilities curve for Plant S. Which plant has a comparative advantage in ECG Machines? In Defibrillators? Now draw the combined curves for the two plants. Suppose the firm decides to produce 100 Defibrillators. Where will it produce them? How many ECG Machines will it be able to produce? Where will it produce the ECG Machines? Case Study Suppose a manufacturing firm is equipped to produce ECG Machines or Defibrillators. It has two plants, Plant R and Plant S, at which it can produce these goods. Given the labour and the capital available at both plants, it can produce the combinations of the two goods at the two plants shown. Output per day, Plant R Combination ECG Machines Defibrillatons A 100 50 25 50 Output per day, Plant s Combination ECG Machines Defibrillatons 50 25 50 100

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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.