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(a) Describe how economic efficiency and equity differ. Does economic efficiency imply equity? Explain. (b) News outlets in Singapore have recently discussed the possibility of

(a) Describe how economic efficiency and equity differ. Does economic efficiency imply equity? Explain.

(b) News outlets in Singapore have recently discussed the possibility of governments financially rescuing Singapore Airlines, in the event of a prolonged Covid-19 pandemic.

( https://www.reuters.com/article/us-health-coronavirus-airlines-idUSKBN21D3UW(Links to an external site.) )

Why is the government bailing out Singapore Airlines or even just giving them a cheap loan? What are the main reasons for the government to intervene?

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