Refer to the figure below of Mindy and Patrick's PPF's. Which of the following statements is true? Mindy Patrick * wallets 10 ` wallets 10 9- 9 8+ 8 6 6 5- 4+ 4 3+ 2. 2 1- 1 2 3 4 6 9 10 purses 1 2 3 6 8 9 10 purses Patrick has a comparative advantage in both wallets and purses. Mindy has a comparative advantage in wallets and Patrick has a comparative advantage in purses. Patrick has a comparative advantage in wallets and Mindy has a comparative advantage in purses. Mindy has a comparative advantage in both wallets and purses.

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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.