the property of a resource allocation of maximizing the total surplus received by all members of society

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02-09-2022
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the property of a resource allocation of maximizing the total surplus received by all members of society

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Tutorconsortium340idn Tutorconsortium340idn · Answer 1 · 2022-09-06T17:36:35-04:00

Efficiency is the property of a resource allocation of maximizing the total surplus received by all members of society.

What is efficiency?

The term "efficiency" refers to the peak level of performance that uses the fewest inputs to produce the greatest amount of output. Reduce the number of unnecessary resources used to produce a given output, including personal time and energy.

Efficiency is a quantifiable concept that can be calculated by dividing useful output by total input. Increased efficiency reduces the waste of resources such as physical materials, energy, and time while producing the desired output.

Efficiencies are classified into numerous categories. Some of the most important types are discussed below, including economic efficiency, market efficiency, and operational efficiency.

Economic Efficiency

Economic efficiency is the optimization of resources to best serve each person in that economic state. There is no set threshold for determining an economy's effectiveness, but indicators include goods brought to market at the lowest possible cost and labor that produces the greatest possible output.

Market Effectiveness

Market efficiency describes how well available information is incorporated into prices. This means that markets are efficient when all available information is already reflected in prices. There is no way to outperform the market because no securities are undervalued or overvalued.

Thus efficiency is of different types and maximizes the surplus.

For more information on efficiency, refer to the given link:

https://brainly.com/question/13828557

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What is efficiency?

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