First of all, production efficiency is a situation in which the economy could not produce any more of one good without sacrificing production of another good and it is most commonly involved in all types of businesses of the economy. This concept is illustrated in the production possibilities frontier (PPF), where all the points in the curve show the cost of production at a given level of output or producing a maximum output of various goods from the given amount of input or cost incurred in resources of production. In addition, true production efficiency can be achieved when the production process cannot produce additional units without losing another aspect of the business operation. For Example, if a company produces yo-yos and boomerangs, increasing production time on the yo-yos may curtail the production of boomerangs. While this may aid in producing more yo-yos and generating more returns from that activity, producing fewer boomerangs creates a loss in efficiency that the company must a...
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... the resources must be allocated to the production of various goods that the maximum satisfaction can be obtained. In other words, once that is achieved, the marginal benefit or the amount of cash the person pays for the product will equal the marginal cost or the amount the company has to spend in order to make extra units of a good.
To Summarize, Microeconomics illustrates which cause of departure from the economic efficiencies and the result of decline and social welfare at its maximum potential even though the efficiency of production, efficiency of production among the consumers, and the allocation economic efficiency are included in economic efficiency. Even though economic efficiency shows us the way of how the economy works, it should be noted that microeconomics does not study the economy as a whole but a small part and inter-relationships of every business.
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