I have a question, we know "a" and "b" are pareto efficient and "c" is not, but then if we got to place it on the PPF that would be a pareto improvement. But, could we say that c (in his current position) being inefficient is "pareto inferior" to "a" and "b"?
Please is there a difference between Pareto optimality and efficiency? If yes what is it? Edit: I thought efficiency is more like the point of equilibrium then optimality is basically one side improving without the other being worse off
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This short video is awesome. Thank you for sharing and putting the effort into it.
Glad you enjoyed it!
Why do pareto efficiency has nothing to do with fairness?... Thank you for the explanation. This video really helped alot
Thank you so much. Very clear explanation.
Glad you liked it - really appreciate your comment Nolo
I have a question, we know "a" and "b" are pareto efficient and "c" is not, but then if we got to place it on the PPF that would be a pareto improvement. But, could we say that c (in his current position) being inefficient is "pareto inferior" to "a" and "b"?
so informative, thanks
Glad it was helpful! Good luck with your economics studies!
Please is there a difference between Pareto optimality and efficiency? If yes what is it? Edit: I thought efficiency is more like the point of equilibrium then optimality is basically one side improving without the other being worse off
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Geoff Riley is the GOAT
Thank you so much 😊