• February 15, 2022
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Theory of Production and Cost

9. Measures of Efficiency – Technical Efficiency, Allocative Efficiency, Productive Efficiency, X Efficiency

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

10. Translog Production Function | Monotonicity | Marginal Product | MRTS | Elasticity of Substitution |

Topics Discussed:

Translog Production Function

Monotonicity

Marginal Products

MRTS

Elasticity of Substitution

Are Isoquants underTranslog production function convex?