Using the following information,
a)which method is more efficient,Method A or Method B?
b)which method is more efficient,Method A or Method C?
Suppose both Alpha and Beta has 10 units of economic resource.
One unit of economic resource can produce:
a)What is the opportunity cost of 1 cup for Alpha?
b)What is the opportunity cost of 1 saucer for Beta?
c)If Alpha and Beta are allow to trade,would Alpha specialize in the production of cups or saucer? Explain
What is the difference between productive and allocative efficiency?