1. Suppose either computers or televisions can be assembled with the following labor inputs: Units produced 1 2 3 4 Total labor used 3 7 12 18 (a) Draw the production possibilities curve for an economy with 54 units of labor. Label it P54. (b) What is the opportunity cost of the eighth computer? (c) Suppose immigration brings in 36 more workers. Redraw the production possibilities curve to 5 6 7 8 9 10 25 33 42 54 70 90 reflect this added labor. Label the new curve P90.

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A: The below graph slows the recessionary gap and inflationary gap:

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A: Global Democratic Indices measure the democratic performance of countries around the world. 

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A:

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A: Answer -

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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.