Energy efficient versus economic efficiency
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Builders of a hybrid car announced it would build a car that would get 180 miles per gallon of unleaded gas. They figured it would cost $40,000 per car to build. The builders wanted Congress to force US automakers to build this energy-efficient car.
Is energy efficiency the same thing as economic efficiency? Please explain
Under what circumstances would this energy efficent car be economically efficient?
If the goal of society is to get the most benefit from its limited resources, then why not ignore economic efficiency and build this energy saving car?
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Solution Summary
Energy efficient versus economic efficiency is shown.
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When a consumer buys an car, he commits to paying not only the first cost, but also the operating cost for a long time. as long as you own it. And over the life of an appliance, the energy cost to run it can be many times greater than the first cost. So it pays to buy an energy-efficient appliance. Economic efficiency is a term that refers to the optimal production and ...
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