New Book: https://www.amazon.com/dp/B0G45MKBZT This video conveys the intuition for output efficiency, which occurs when the set of products produced is efficient (vs. some other set of products that could be produced with the same aggregate set of inputs).
0:00 Intro
0:28 Marginal Rate of Transformation
2:25 Mathematical Modeling of Output Efficiency (MRT = MRS)
5:12 Pareto Efficiency: 3 Conditions Summary
5:43 First Welfare Theorem
7:15 Second Welfare Theorem
