When is production allocatively efficient

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Points along the PPF display productive efficiency while those point R does not. As a firm moves from any one of these choices to any other, either health care increases and education decreases or vice versa. This makes sense if you remember the definition of the PPF as showing the maximum amounts of goods a society can produce, given the resources it has. Thus, producing efficiently leads to maximum production, which is what the PPF shows.

Wasting scarce resources means the society is not producing as well or as much as it could, so it is not operating on the PPF. For example, point R is productively inefficient because it is possible at choice C to have more of both goods: education on the horizontal axis is higher at point C than point R E 2 is greater than E 1 , and health care on the vertical axis is also higher at point C than point R H 2 is greater than H1.

Any time a society is producing a combination of goods that falls along the PPF, it is achieving productive efficiency. When the combination of goods produced falls inside the PPF, then the society is productively inefficient.

Allocative efficiency means that the particular mix of goods a society produces represents the combination that society most desires.

For example, often a society with a younger population has a preference for production of education, over production of health care. If the society is producing the quantity or level of education that the society demands, then the society is achieving allocative efficiency. At the most basic level, allocative efficiency means that producers supply the quantity of each product that consumers demand.

Only one of the productively efficient choices will be the allocative efficient choice for society as a whole. For example, in order to achieve allocative efficiency, a society with a young population will invest more in education. As the population ages, the society will shift resources toward health care because the older population requires more health care than education. In the graph Figure 2 above, a society with a younger population might achieve allocative efficiency at point D, while a society with an older population that required more health care might achieve allocative efficiency at point B.

We will return to this idea of allocative efficiency later when we learn more about applications of supply and demand. Why Society Must Choose Every economy faces two situations in which it may be able to expand the consumption of all goods.

In the first case, a society may discover that it has been using its resources inefficiently, in which case by improving efficiency and producing on the production possibilities frontier, it can have more of all goods or at least more of some and less of none. In the second case, as resources grow over a period of years e.

As it does, the production possibilities frontier for a society will tend to shift outward, and society will be able to afford more of all goods. DSID 1 hour This cookie is setup by doubleclick. This cookie is used by Google to make advertising more engaging to users and are stored under doubleclick. It contains an encrypted unique ID.

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