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Allocative efficiency is a state of the economy in which production is aligned with the preferences of consumers and producers; in particular, the set of outputs is chosen so as to maximize the social welfare of society. [1]
When drawing diagrams for businesses, allocative efficiency is satisfied if output is produced at the point where marginal cost is equal to average revenue. This is the case for the long-run equilibrium of perfect competition. Productive efficiency occurs when units of goods are being supplied at the lowest possible average total cost.
The production function is one of the key concepts of mainstream neoclassical theories, used to define marginal product and to distinguish allocative efficiency, a key focus of economics. One important purpose of the production function is to address allocative efficiency in the use of factor inputs in production and the resulting distribution ...
Perfect competition provides both allocative efficiency and productive efficiency: Such markets are allocatively efficient, as output will always occur where marginal cost is equal to average revenue i.e. price (MC = AR). In perfect competition, any profit-maximizing producer faces a market price equal to its marginal cost (P = MC).
Security, AI, modernization, and efficiency form the word cloud we hear most often in these conversations. These themes play directly to Cloudflare's strength. Beyond the qualitative, we saw ...
Allocative efficiency, the optimal distribution of goods; Efficiency wages, paying workers more than the market rate for increased productivity; Business efficiency, revenues relative to expenses, etc. Efficiency Movement, of the Progressive Era (1890–1932), advocated efficiency in the economy, society and government
Two federal judges will consider on Friday whether Elon Musk's government cost-cutting team known as DOGE will have access to Treasury Department payment systems and potentially sensitive data at ...
BOSTON (Reuters) -A federal judge on Wednesday allowed Donald Trump's administration to carry out its federal worker buyout program as the Republican president moves to overhaul and downsize the U ...