What is the difference between technical efficiency and economic efficiency? Technical efficiency in production means that the most technologically advanced machinery is used in the production of a good. Economic efficiency means using the method that produces the greatest profit for a given level of output. Technical efficiency in production means that the most technologically advanced machinery is used to produce a good. Economic efficiency means using the method that produces a given level of output at the lowest possible cost. Technical efficiency in production means that as few inputs as possible are used to produce a given output. Economic efficiency means using the method that produces the greatest profit for a given level of output. Technical efficiency in production means that as few inputs as possible are used to produce a given output. Economic efficiency means using the method that produces a given level of output at the lowest possible cost.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “What is the difference between technical efficiency and economic efficiency? Technical efficiency in production means that the most ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Sweatshirts Ltd. is downsizing. The company paid an annual dividend of $4.20 last year and has announced plans to lower the dividend by 25 percent each year. Once the dividend amount becomes zero, the company will go out of business.
Answers (1)
Assume that the building the company wants to build is a manufacturing plant and that it was going to be built in a semi-residential neighborhood.
Answers (1)
8. Fung Manufacturing, Inc. (FMI), currently has 275000 shares of stock outstanding that sell for $75 per share. Assuming no market imperfections or tax effects exist, what will the share price be after: a.
Answers (1)
To encourage Entrepreneurial growth, governments might?
Answers (1)
Skysong, Inc. wrote checks totaling $31510 during October and $34410 during November. $29960 of these checks cleared the bank in October, and $33615 cleared the bank in November. What was the amount of outstanding checks on November 30?
Answers (1)
New Questions in Business
Hornberger, Inc. recently paid a dividend of $2.00 per share. The next dividend is expected to be $2.05 per share. Hornberger has a return on equity of 11.00%. What percentage of its earnings does Hornberger plow back into the firm?
Answers (1)
A tip of $10 is best for which kind of service? A. a mover who delivers furniture to your new home B. a valet who parks your car at a restaurant C. a waiter at a fast-food restaurant
Answers (2)
Sunland Company manufactures and sells high-priced motorcycles. The Engine Division produces and sells engines to other motorcycle companies and internally to the Production Division.
Answers (1)
Adamson Company manufactures four lines of garden tools. As a result of an activity analysis, the accounting department has identified eight activity cost pools.
Answers (1)
Compute the 2019 Federal income tax liability and the marginal and effective tax rates in each of the following independent cases. Click here to access the 2019 tax rate schedule. If required, round the tax liability the nearest dollar.
Answers (1)