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ECON 3 Efficiency
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Does anyone have a good guide to the types of efficiency (Dynamic, Productive etc)
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(Original post by brilld)
Does anyone have a good guide to the types of efficiency (Dynamic, Productive etc)
Does anyone have a good guide to the types of efficiency (Dynamic, Productive etc)
Allocative efficiency = producing what meets consumers demand, price reflects cost of production - P=MC.
Productive efficiency = MC = ATC i.e. lowest point on ATC.
Dynamic efficiency is efficiency over time - new products, processes and techniques which cause a rise in economics growth.
I hope these are right.
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