Economicae©

an illustrated encyclopedia of economics

 

 

 

 

 

 

Famous Economists

 

 

Mathematics of Economics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

X-axis:

The X-axis is the horizontal line along which one variable is measured in a 2-dimensional system of Cartesian coordinates. See the Cartesian coordinate system figure for more discussion.

X-efficiency:

X-efficiency is a hypothetical measure of how closely the managers of a productive organization approximate maximizing output for a given cost, or equivalently, how closely the managers approximate minimizing the cost associated with producing a given level of output.

X-inefficiency:

X-inefficiency (managerial slack) is excessive cost as a percentage of total cost when lethargy or bureaucratic behavior causes an organization insulated from competition to operate inefficiently. See also managerial slack.