The diagram at right shows the production possibilities boundaries in Columbia for two goods, cotton and beer. The solid line represents the production possibilities boundary and the dashed line represents the trade line. Suppose that the price of beer rises and the price of cotton is unchanged. Using the line drawing tool, show the impact of this event on the trade line. Carefully follow the instructions above, and only draw the required objects.

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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.