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Productive Efficiency
This video defines the term ‘productive efficiency’ and explains how to represent the concept of productive efficiency on two diagrams: the production possibilities curve (PPC) and the short-run average cost curve.
Allocative Efficiency
This video defines the term ‘allocative efficiency’ and explains how to represent the concept of productive efficiency on two diagrams: the production possibilities curve (PPC) and the market equilibrium diagram.
Pareto Optimality
This video defines the term ‘pareto optimality’ and explains how to represent the concept of pareto optimality on the production possibilities curve.
Dynamic Efficiency
This video defines the term ‘dynamic efficiency’ and explains how to represent the concept of dynamic efficiency on a firm’s average cost curve.
