You have exams in economics and chemistry coming up and five hours available for studying. The following table shows the trade-offs you face in allocating the time you will spend in studying each subject.        Hours Spent Studying        Midterm Score   Choice Economics Chemistry Economics Chemistry A 5 0 95 70 B 4 1 93 78 C 3 2 90 84 D 2 3 86 88 E 1 4 81 90 F 0 5 75 91                           a.     Use the data in the table to draw a production possibilities frontier graph. Label the vertical axis “Score on economics exam” and label the horizontal axis “Score on chemistry exam”. Make sure to label the values where your production possibilities frontier intersects the vertical and horizontal axes. b.    Label the points representing choice C and choice D.  If you are at choice C, what is your opportunity cost of increasing your chemistry score? c.      Under what circumstances would A be a sensible choice?   Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

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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.