The table below shows the production possibilities of Country X for two goods. Apples (tons) Wool (bales) 500 0 400 4,000 300 8,000 200 12,000 100 16,000 0 20,000 What is the opportunity cost of one ton of apples in Country X?

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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.