Suppose the following data reflect the production possibilities for providing health care and education: Units per Year Health Care 400 370 330 270 190 100 0 Education 0 20 40 50 60 70 80 (a) Graph the production possibilities curve. (b) If maximum health care is provided, how much education will be provided? (c) What is the opportunity cost of increasing health care from 270 to 330 units?

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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.