Productivity at minimum average cost

• when is efficiency maximised

  when goods are produced at the minimum cost or average production cost
• What does production aim to do

  operate at the minimum average cost per unit - take advantage of economics of scale
• What is the average cost formula

  Total cost / output
• Which firms are more efficient

  That have a higher output per employee - can lead to competitive advantage
• what may suffer as a result of trying to produce items to quickly

  Quality