Theory of Production and Cost
Topics Discussed:
Measures of Efficiency
Allocative Efficiency
Technical Efficiency
Productive Efficiency
X- Efficiency
Key Principles of Efficiency
Pure Competition
Non-profit competition
X- inefficiency
Causes of X- inefficiency
Rent Seaking
Past Year Ques Discussed:
Q13(b), IES 2009
Topics Discussed:
Translog Production Function
Monotonicity
Marginal Products
MRTS
Elasticity of Substitution
Are Isoquants underTranslog production function convex?