Explain the term economic efficiency, Microeconomics

Assignment Help:

Explain the term economic efficiency? 

Answer:   Economic Efficiency means full utilization of all available resources in economy i.e. to produce the needed amount of goods and services. When economy is producing its needed amount of goods and services by utilizing all of its resources, then the economy is considered to be an efficient economy. 

 


Related Discussions:- Explain the term economic efficiency

Revenues, Ask qdescribe average and marginal revenue under imperfect compet...

Ask qdescribe average and marginal revenue under imperfect competitionuestion

Marginal output, If the marginal product of labor is 45 units of output and...

If the marginal product of labor is 45 units of output and the marginal products of capital is 56 units of output while the wage rate is $20 per worker and the cost of capital is $

Macro ecomomics, explain how macro and micro issues may be represented usin...

explain how macro and micro issues may be represented using production possibility curve

Economic reforms and reduction of regional disparities, Economic Reforms an...

Economic Reforms and Reduction of Regional Disparities: Another important objective of development is to reduce regional disparities. Government has been helping the backward

Demand and supply, During the 1990s, technological advance reduced the cost...

During the 1990s, technological advance reduced the cost of computer chips. Explain, with the use of supply and demand diagrams, how the following markets are affected in terms of

What are price ceilings and price floors, 1. Explain what are price ceiling...

1. Explain what are price ceilings and price floors and how they effect the market for a good or service. Also show through graphs, if they cause any inefficiencies in a perfectly

#ttitl derivation of demand funcation, derivation of demand funcation usin...

derivation of demand funcation using indifferance curv ordelreay and competed demand curv

Calculate price and average total cost atc, 1. Through graphs describe the ...

1. Through graphs describe the relationship between the price, P , and the average total cost, ATC , for a firm in perfect competition when it earns an economic profit; earns a n

Explain why each of the following factors may influence the, Explain why ea...

Explain why each of the following factors may influence the own price elasticity of demand for a commodity. (i) Consumer preferences, that is, whether consumers regard the commod

Market, describe engineering cost theory in detail

describe engineering cost theory in detail

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd