Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
expand_more
expand_more
format_list_bulleted
Question
Chapter 10.2, Problem 3RQ
To determine
The distinction between the technological efficiency and economic inefficiency.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Explain the link between scarcity and competition
Distinguish between technical efficiency and economic efficiency
There are dozens of laptop manufacturers around the world. Does the idea of efficient production mean that there should only be one laptop manufacturer making laptops at the lowest marginal cost?
Chapter 10 Solutions
Macroeconomics
Ch. 10.1 - Prob. 1RQCh. 10.1 - Prob. 2RQCh. 10.1 - Prob. 3RQCh. 10.1 - Prob. 4RQCh. 10.1 - Prob. 5RQCh. 10.2 - Prob. 1RQCh. 10.2 - Prob. 2RQCh. 10.2 - Prob. 3RQCh. 10.2 - Prob. 4RQCh. 10.3 - Prob. 1RQ
Ch. 10.3 - Prob. 2RQCh. 10.3 - Prob. 3RQCh. 10.4 - Prob. 1RQCh. 10.4 - Prob. 2RQCh. 10.4 - Prob. 3RQCh. 10.4 - Prob. 4RQCh. 10.5 - Prob. 1RQCh. 10.5 - Prob. 2RQCh. 10.5 - Prob. 3RQCh. 10 - Prob. 1SPACh. 10 - Prob. 2SPACh. 10 - Prob. 3SPACh. 10 - Prob. 4SPACh. 10 - Prob. 5SPACh. 10 - Prob. 6SPACh. 10 - Prob. 7SPACh. 10 - Prob. 8APACh. 10 - Prob. 9APACh. 10 - Prob. 10APACh. 10 - Prob. 11APACh. 10 - Prob. 12APACh. 10 - Prob. 13APACh. 10 - Technological and Economic Efficiency Use the...Ch. 10 - Prob. 15APACh. 10 - Prob. 16APACh. 10 - Prob. 17APACh. 10 - Prob. 18APACh. 10 - Prob. 19APACh. 10 - Prob. 20APACh. 10 - Prob. 21APACh. 10 - Prob. 22APACh. 10 - Prob. 23APA
Knowledge Booster
Similar questions
- How does competition arise out of scarcity? Give an example.arrow_forwardDefine productivity efficiency and allocative efficiency. What conditions must be met in order to achieve them?arrow_forwardSome environmental laws in the United States prohibit the use of benefit-cost analysis in areas of environmental policy. For example, the Clean Air Act declares that air quality standards are to be determined purely on the basis of protecting public health with “an adequate margin of safety,” and forbids the administrator of the Environmental Protection Agency from considering costs in setting standards. Provide a critique to such an approach from the perspective of economic efficiency, using a real world example. What might the consequences of such an approach be? This is not an essay question.arrow_forward
- Briefly explain the term incremental innovations. Which companies in terms of the size (small, medium, large size) have more economic incentives to produce these?arrow_forwardExplain different types of competition and also state why is competition good for the consumer from an economics perspectivearrow_forwardExplain the phrase - "Man must fit his technology with ecology."arrow_forward
- What factors contribute to achieving allocative efficiency in a competitive market, and how does it benefit both consumers and producers?arrow_forwardWhat are the three types of Efficiency necessary to achieve Economic Efficiency?arrow_forwardDiscuss how technological change can increase profits by raising revenues or lowering costs.arrow_forward
- what is efficient scale in economicsarrow_forwardWhat does it mean when you compare allocative efficiency to worker efficiency? What are the significant differences?arrow_forwardWhat determines whether or not a rsource is scarce? Why is the concept of scarcity important to the definition of economics?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Exploring EconomicsEconomicsISBN:9781544336329Author:Robert L. SextonPublisher:SAGE Publications, Inc
Economics (MindTap Course List)EconomicsISBN:9781337617383Author:Roger A. ArnoldPublisher:Cengage Learning
Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning