Foster, Inc. makes a new type of rubber gloves for assembly-line workers and will sell them to companies that manufacture electronics products.  Foster’s costs for producing a pair of these new rubber gloves is $4.15.  Electronics manufacturers pay $6.25 per pair for the currently available rubber gloves for their assembly-line workers. Because Foster’s new rubber gloves allow a better grip, they will enable the workers at the electronics manufacturing companies to assemble 2 percent more products per hour than if they wear the currently available gloves.  Assume that each pair of workers’ gloves lasts for 40 hours, and the average pay rate for these workers is $20 per hour.  The Foster company would like to estimate the value of a pair of these new rubber gloves to the electronics-manufacturer customer.

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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.