Hubert and Kate are farmers, each one owns a 12 acre plot of land. The following table shows the amount of corn and rye each farmer can produce per year on a given acre. Each farmer choose whether to devote all acres to producing corn or rye or to produce corn on some of the land and rye on the rest. Corn (Bushels per acre)                    Rye (Bushels per acre) Hubert 12                                                          3 Kate 15                                                               5 (a) Plot the PPF curve for Hubert and kate (b) What is Hubert’s opportunity cost of producing 1 bushel of rye? (c) What is the Kate’s opportunity cost of producing 1 bushel of rye?

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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.