The table below presents production schedule of apples and bananas in the country of Boxtown - assume that these are the only two goods that Boxtown produces. Each scenario represents a combination of apples and bananas that Boxtown could produce. Scenario Bananas Apples A 0 100 B 3 88 C 5 80 D 7 72 E 10 60 According to this table, the opportunity cost of producing an additional banana is apples.

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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.