It is said to be inefficient when there exists another feasible process that, for any given output, uses less inputs. Some economists (in particular Leibenstein) use the term X-efficiency to indicate that production processes tend to be inherently inefficient due to satisficing behaviour. The “rate of efficiency” is simply the amount of (or value of) outputs divided by the amount of (or value of) inputs... displayed 300 characters
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It is said to be inefficient when there exists another feasible process that, for any given output, uses less inputs. Some economists (in particular Leibenstein) use the term X-efficiency to indicate that production processes tend to be inherently inefficient due to satisficing behaviour. The “rate of efficiency” is simply the amount of (or value of) outputs divided by the amount of (or value of) inputs... displayed 300 characters
