what is the difference between allocative inefficiency and technical inefficiency?
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Allocative efficiency (an economic concept) refers to how different resource inputs are combined to produce a mix of different outputs. Technical efficiency on the other hand is concerned with achieving maximum outputs with the least cost.
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Mechanical advantage is a measure of how much your force is multiplied, efficiency is a measure of how much of the work you do actually goes to moving the thing you're trying to move. ... Adding more pulleys may increase the mechanical advantage, but it also increases the amount of extra stuff you're moving.
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Absorption costing allocates fixed overhead costs across all units produced for the period. Variable costing, on the other hand, lumps all fixed overhead costs together and reports the expense as one line item separate from the cost of goods sold or still available for sale.
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Economic cost looks at the gains and losses of one course of action versus another. ... Economic cost includes opportunity cost, unlike accounting cost, which only takes into account the amount of money spent. Economic cost is the accounting cost (explicit cost) plus the opportunity cost (implicit cost).
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So the difference between the two is between money that has actually been spent and money that would have been earned. ... And if you earn money from those stocks, the opportunity cost of the choice to invest is the money you would have earned if you'd invested in stocks from a different company.
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An inefficient organization operates with long delays and high costs, while an efficient organization is focused, meets deadlines, and performs within budget. The production possibilities frontier can illustrate two kinds of efficiency: productive efficiency and allocative efficiency.
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As nouns the difference between efficiency and performance is that efficiency is the extent to which time is well used for the intended task while performance is the act of performing; carrying into execution or action; execution; achievement; accomplishment; representation by action.
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Answer: The ratio of output and input is called efficiency.
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An opportunity cost refers to the gain which was lost but could have been made because of wrong decision making. A trade-off, however, does not compute the gain or loss but is based on factors such as choice or time.
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What term best describes the difference between limited resources and wants and needs: scarcity, economics, or opportunity cost? ... Limited resources are scarcity. How a given society then allocates these resources is its economy.
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The difference between economies of scale and returns to scale is that economies of scale show the effect of an increased output level on unit costs, while the return to scale focus only on the relation between input and output quantities.
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Productive efficiency is concerned with the optimal method of producing goods; producing goods at the lowest cost. Allocative efficiency is concerned with the optimal distribution of goods and services.
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As nouns the difference between efficiency and optimization is that efficiency is the extent to which time is well used for the intended task while optimization is the design and operation of a system or process to make it as good as possible in some defined sense.
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The main difference between the two types of costs is that implicit costs are opportunity costs, while explicit costs are expenses paid with a company's own tangible assets. This makes implicit costs synonymous with imputed costs, while explicit costs are considered out-of-pocket expenses.
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Difference between diminishing returns and dis-economies of scale. Diminishing returns relates to the short run – higher SRAC. Diseconomies of scale is concerned with the long run. Diseconomies of scale occur when increased output leads to a rise in LRAC – e.g. after Q4, we get a rise in LRAC.
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'Process' allocates all the tasks in the memory whereas 'Pool' allocates the memory to only for the executing process. You would rather end up using Pool when there are relatively less number of tasks to be executed in parallel and each task has to be executed only once.
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What is the relationship between total surplus and economic efficiency? An economy experience economic efficiency when total surplus get maximized. Total surplus is the aggregate of producer and consumer surplus. Total surplus get maximized when both consumer and producer surplus is maximum.