Based on the article differentiate between efficiency and productivity. Do you think they are different for economists or not? Evaluate the loss of company’s productivity as given data in the article. What is the main reason behind this loss?

Principles of Microeconomics

Based on the article, “Great Companies Obsess Over Productivity, Not Efficiency” by Michael Mankins

Answer the following questions as below:

1.Based on the article differentiate between efficiency and productivity. Do you think they are different for economists or not? Justify your answer. (CLO#6)

2.Elaborate the benefits of efficiency for business environment by using some data (Hint: S&P, Bain & Company). (CLO#6)

3.Evaluate the loss of company’s productivity as given data in the article. What is the main reason behind this loss? (CLO#6)