The chapter describes how a market can be economically efficient. Before you took this class, you...
The chapter describes how a market can be economically efficient. Before you took this class, you might have heard someone say that "markets are efficient." Compare and contrast the description of efficiency from the chapter to the definition of efficiency from physics: "Efficiency is a measure of how much work or energy is conserved in a process. In many processes, work or energy is lost, for example as waste heat or vibration. The efficiency is the energy output, divided by the energy input, and expressed as a percentage. A perfect process would have an efficiency of 100%."
Homework Answers
Ans
There is one important difference. By efficiency in physics we actually mean production efficiency i. E resources are not wasted in process if production. But for economists there could be many technically efficient processes but economically efficient is only that one that leads to minimum cost for given output. Thus it considers resource prices also
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