Suppose that Canada produces only lumber and fish. It has 18 million workers, each of whom can cut 10 feet of lumber or catch 20 fish daily. What is the maximum amount of lumber Canada could produce daily?  What is the maximum amount of fish Canada could produce daily? Draw Canada’s production possibilities frontier.

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A: The correct answer is given in the second step.

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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.