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Honda promotes Accord by saying “it has a fuel efficiency of 30 mpg (miles per gallon) on highway.” (1) What is incorrect about this statement? (2) If the best engine currently available can run at 48
Honda promotes Accord by saying “it has a fuel efficiency of 30 mpg (miles per gallon) on
highway.” (1) What is
incorrect
about this statement? (2) If the best engine currently available
can run at 48 mpg, what is Accord’s fuel efficiency? (3) Suppose next year, a breakthrough
technology improves the best engine’s performance to 85 mpg and Accord’s to 50 mpg, what
would be productivity growth, efficiency change, and technical change for Accord? (4) How can
you check the results obtained above is correct? (Hint: it might help to draw an X-Y diagram.)
