at the point where MR=MC, Profit is maximized.This is considered as the Optimum Production.
an efficient utilization of resources
Any point on the PPC curve
At any point of underutilization/any point inside of the curve
The economy is efficient only when it has achieved full employment and full production
Efficient scale is the smallest amount of production a company can achieve while still taking full advantage of economies of scale with regards to supplies and costs. In classical economics, the minimum efficient scale is defined as the lowest production point at which long-run total average costs (LRATC) are minimized.
an efficient utilization of resources
Any point on the PPC curve
At any point of underutilization/any point inside of the curve
The economy is efficient only when it has achieved full employment and full production
Efficient scale is the smallest amount of production a company can achieve while still taking full advantage of economies of scale with regards to supplies and costs. In classical economics, the minimum efficient scale is defined as the lowest production point at which long-run total average costs (LRATC) are minimized.
A point inside a production possibilities curve represents things that can be produced. However, points inside the curve would be less efficient to produce than those points resting directly on the line.
An economy working below its most efficient production levels points inside the production possibilities frontier. This is in the context of a production possibilities curve.
Mass production.
A production possibilities curve illustrates how efficient an economy is by indicating the possibly opportunities in the economy. This will also illustrate the relevant costs entailed in the production.
(Nova-Net) New technology made production much more efficient.
Setting up efficient production
Setting up efficient production