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MT445 / MT 445Managerial EconomicsKaplan University (KU Campus)William A. McEachernEconomics: A Contemporary Introduction, 8eHoboken, NJ: John Wiley & Sons.Unit 4: Economies and Diseconomies of Scale & Perfect CompetitionUnit 4 ProjectChapter 8 question 8, page 200(Perfect Competition and Efficiency) Define productive efficiency and allocative efficiency. What conditions must be met to achieve them?
Ans – The question asks to explain the difference between productive efficiency and allocative efficiency-produtive efficiency means producing a given level of output at minimum cost, i.e using the outermost point on the technological frontier whereas allocative efficiency means allocating the resources in the best uses or it…

eans maximizing the utility.There are certain conditions that must be met to achieve both-first there must be perfect competition to achieve productive efficiency because a monopoly can not achieve both at the same time.


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