You are now asked to consider a world with two people, Poppy and David. David is a farmer. Poppy owns the land on which David farms and does not produce any output herself. There is only one good in this world, corn. b. Use a model of decision making under scarcity to show the set of Pareto efficient allocations that result from the introduction of a law that limits David's

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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.