Evaluate $\lim _ { x \rightarrow 1 } \frac { 1 - x ^ { 2 } } { 1 - x ^ { 3 } }$

question 64

Essay

Evaluate $\lim _ { x \rightarrow 1 } \frac { 1 - x ^ { 2 } } { 1 - x ^ { 3 } }$ .

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Definitions:

Allocatively Inefficient

A situation where resources are not allocated to produce the mix of goods and services that most benefits society or meets consumer preferences.

Allocatively Efficient

An allocation status of resources where enhancing the welfare of one party means diminishing that of another.

Productive Inefficiency

A situation where resources are not utilized in the best possible way, leading to wasted potential output or higher costs than necessary.

Profit-Maximizing Output

The level of production at which a firm achieves the highest possible profit, determined by the point where marginal revenue equals marginal cost.