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Engineers at a national research laboratory built a prototype automobile tht could be driven 180 miles on a single gallon of unleaded gasoline. They estimated that in mass production the car would cost $40,000 per unit to build. The engineers argued that Congress should force US Automakers to build this energy efficeint car.

a) is energy efficiency the same thing as economic efficiency?
b) under what circumstances would the energy efficient automobile described here be economically efficient?
c).if the goal of society is to get the most benefit from its limited resources, then why not ignore economic efficiency and build the energy saving automobile?

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The response addresses the queries posted in 622 words with references.

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The response addresses the queries posted in 622 words with references.
//In this paper, we will discuss the energy efficiency and economic efficiency. We will understand these terms by understanding the economic and energy efficiency of an automobile. We will include a discussion on whether the society must concentrate on building the energy efficient automobile keeping in mind the limited sources available. //

The term economic efficiency, basically, is directly associated with the optimization of production and consumption of goods and services. The condition of economic efficiency is achieved, when the prices of products and services exhibit their marginal cost and achieve the target of cost reduction. On the other hand, economic efficiency is used to describe sufficient use of energy resources, which allows less consumption to perform the same function (Hanson, n. d.). The objective lays down emphasis on energy conservation. So if we look upon the similar feature associated with the above terms, then, both emphasize on the objective of achieving optimum utilization ...

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Ashish Sharma, MBA (IP)
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  • MBA (IP), International Center for Internationa Business
  • BBA, University of Rajasthan
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