Question 1 (a) Explain the main differences between equity and efficiency. [10 marks] (b) Outline the...

Question 1 (a) Explain the main differences between equity and efficiency. [10 marks] (b) Outline the opportunity costs that an adult learner faces. [10 marks] (c) Explain the issues that are normally discussed in microeconomics.

Expert Solution

a)

Efficiency refers to production level at the minimum level of average cost. Here, Resources must be allocated in most optimal way. Here, inputs are utilized in most efficient manner to gain maximum output.

While Equity is social concept, it means how resouces or income are distributed in society. Equity in distribution does not necessarily mean that production system is efficient and vice versa.

b)

Opportunity cost is opportunity lost here. here, adult leaner can earn money, instead of devoting time to learning. Hence, he sacrifices income for learning something. Sacrifice of income is opportunity cost of learning.

c)

Micro economics deals with economic behavior of individual. Individual can be consumer or firm. Following are issues of micro economics:

Individual good or service price determination.
Consumer behavior as an individual.
Elasticity of demand and supply,
Production theory of firm.
cost theory and firm equilibrium.

Rahul Sunny answered 1 year ago

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