--%>
Assignment Help - homework help

Describe two kinds of efficiency Full production imply

Describe two kinds of efficiency Full production imply?

E

Expert

Verified

1. Locative efficiency means that resources are used for producing the combination of goods and services most wanted by society.

Eg: instead of long-playing records producing compact discs with productive resources or computers with word processors rather than manual typewriters.

2. Productive efficiency means that least costly production techniques are used to produce wanted goods and services.

   Related Questions in Business Economics

  • Q : Characteristic of an oligopolistic

    Which of the given is a quality of an oligopolistic market structure? w) There are only some dominant sellers. x) every firm sells a unique product. y) this is easy for new firms to enter the industry. z) Each firm require not react to the actions of

    		•
  • Q : What are patent rights Patent rights :

    Patent rights: It is a unique license or right granted to a company or an Individual to make a specific product or utilize a specific technology.

    		•
  • Q : National currencies of foreign exchange

    Elucidate various national currencies of foreign exchange market?

    		•
  • Q : Illustrate the advantage and

    Illustrate the advantage and disadvantage of Corporations?

    		•
  • Q : Importance of Earnings per share Write

    Write down the importance of Earnings per share?

    		•
  • Q : Risky forms of production to gain

    Entrepreneurs: (w) undertake risky forms of production to gain uncertain profits. (x) obtain interest payments for their services. (y) are usually overcompensated for their innovations. (z) receive virtually all their wealth by inheritance.

  • Q : Requirement of building blocks for a

    Building blocks for a capitalist system consist of: (1) supplies and demands. (2) private property rights. (3) laissez-faire policies. (4) market-determined outputs and prices. (5) All of the above. Please guys hel

    		•
  • Q : Determine relative price when two

    When the prices for doughnuts and croissants are $.50 and $1 correspondingly: (w) the opportunity cost for one doughnut is two croissants. (x) this is better to buy two doughnuts than one croissant. (y) one croissant will make Pierre twice as happy as one doughnut. (z

    		•
  • Q : Explain the shapes of the

    Specify and explain the shapes of the marginal-benefit and marginal-cost curves and use these curves to determine the optimal allocation of resources to a particular product.  If current output is such that marginal cost exceeds marginal benefit, should more or l

    		•
  • Q : Basic supply determinants of other than

    Illustrate the 6 basic supply determinants of other than price?

    		•