What is the efficient outcome?
An efficient outcome is, by definition, one that cannot be improved by a bureaucrat-god.
What is the best definition of an efficient outcome?
– an efficiency outcome means that it is not possible to make someone better off without make someone else worse of (making the best use of scarce resources) A competitive market.
What is the best definition of efficiency?
the state or quality of being efficient, or able to accomplish something with the least waste of time and effort; competency in performance. accomplishment of or ability to accomplish a job with a minimum expenditure of time and effort: The assembly line increased industry’s efficiency.
How do you describe efficiency?
Efficiency is the (often measurable) ability to avoid wasting materials, energy, efforts, money, and time in doing something or in producing a desired result. In a more general sense, it is the ability to do things well, successfully, and without waste.
How do you calculate effective outcome?
Analysts can measure efficiency by dividing output over a standard output rate and multiplying by 100 to get a percentage. This calculation can be used to analyze the efficiency of a single employee, groups of employees, or sections of an economy at large.
What standard is used to determine the most efficient economic outcome?
Pareto efficiency is when every economic good is optimally allocated across production and consumption so that no change to the arrangement can be made to make anyone better off without making someone else worse off.
What does effective and efficient mean?
Efficiency is defined as the ability to accomplish something with the least amount of wasted time, money, and effort or competency in performance. Effectiveness is defined as the degree to which something is successful in producing a desired result; success.
What is efficiency equation?
Efficiency is often measured as the ratio of useful output to total input, which can be expressed with the mathematical formula r=P/C, where P is the amount of useful output (“product”) produced per the amount C (“cost”) of resources consumed.
How do you calculate power efficiency?
For an electrical power conversion process, efficiency is measured simply by dividing the output power in watts by the input power in watts and is expressed as a percentage. In power electronics, the Greek letter eta (η) is used to represent efficiency.