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EC311 · Intermediate Microeconomics

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EC311 / TOPIC 40

10.2 Production efficiency and social welfare

One idea · follow the reasoning · then practise1 / 9

01

How do production efficiency, output mix, and fairness differ?

A central pond connected with a public lamp, a food crate, technology parts, and a document in an envelope
VISUAL NOTE · Welfare and information Production efficiency must still match what people value

Even without wasting inputs, an economy can produce the wrong output mix.