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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

It is clear that productive inefficiency is a waste since resources are used in a way that produces less goods and services than a nation is capable of. Why is allocative inefficiency also wasteful?

To determine

Productive inefficiency is a waste since resources can be used a certain manner which can produce less goods and services than a nation which is capable of.

Explanation

Productive efficiency  refers to a given available inputs and technology which also makes it impossible to produce after producing a more of one good without decreasing the required quantity which can be produced in respect to the another good. It is also important to know how the choices can be made with respect to the PPF points such as the B, C, and D that reflects the productive efficiency, but in the below figure clearly the R does not.

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