1) Find an example/component etc. of inequality that you think is interesting/is important to you. 2)...

1) Find an example/component etc. of inequality that you think is interesting/is important to you.

2) Write an engaging headline, and summarize the episode (focus on how it is related to the concepts/topics in micro)

3) Explain why it is important/what the problem is/etc.

4) Describe some potential solutions to the issue. Offer a prediction of how the issue will be resolved.

References/links

Expert Solution

1.Inequality is :For example if i am going to purchase a TV and at some price, I have made my choice that i will buy Sony Tv from an electronics shop in my neghbourhood.Now if some other day,I go to some other shop distant from my home.and there I saw one TV with same specifications and less price.

Hence expenditure on sony tv which is equal to price of sony tv *quantity of sony tv purchased is greater then and equal to the expenditure on some other brand TV which is also equal to price *quantity of that TV purchased.

This is the required inequality.

2.This is related to the concept revealed preference in microeconomics.

Revealed preference talks about affordability and consistency.

If in my example,the other brand tv with same specifications is also available and affordable,but I will purchase Sony Tv only as that is also something i can purchase with my budget in hand and there is something consistency which a rational consumer should maintain while making choices.

3.Consistency is something important in real world,as when we make choices,we are assumed to be rational consumers according to the one of the major assumptions of microeconomics and a rational consumer if he has revealed his prefernce ,have to be show consistency for that if some other option is also affordable or seems feasible.

Rahul Sunny answered 6 months ago

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