Question

explain the difference between a biologically feasible set and an economically feasible set.

Answer 1

As we know that the Biology is related to life. So biologically feasible means an allocation that is capable of sustaining the survival of those involved in it. So a biologically feasible set may be defined as the set of goods and services ( or an amount of income) that is in appropriate quantity just to keep the people alive or let them survive.

As we know economy is related to money or income. So an economically feasible set is the set of goods and services that an individual or a group of people can buy with their given income. In other words economically feasible set may be that set which may represent a Nash equilibrium ( in case of allocation).

So the main difference between a biologically feasible set and an economically feasible set is that biologically feasible set is one which is important for survival and an economically feasible set is the best one can get.