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marta [7]
3 years ago
13

What is the difference between technical efficiency and economic efficiency? Technical efficiency in production means that the m

ost 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.
Business
2 answers:
alexira [117]3 years ago
8 0

Answer:

The correct answer is the option B: 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.

Explanation:

On the one hand, <em>technical efficiency</em> is reached when the company has acquire a certain level of technology in its production process so that it produces with a competitive advantage in comparison with the other firms. Therefore that the technical efficiency in production means that the most technologically advanced machinery is used to produce a good.

On the other hand, the <em>economic efficiency</em> is reached when the organization tends to work at a level of production so high that the fact of producing so many goods turns out to give the company economic of scale and in that way there are saving money or producing with the lowest costs as possible.

Pavlova-9 [17]3 years ago
5 0

Answer:

The correct option is D.

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.

Explanation:

Technical efficiency is the degree to which the actual output of a production unit approaches its maximum. For example, a firm is said to be technically efficient if a firm is producing the maximum output from the minimum quantity of inputs such as labour, technology and capital. In technical efficiency, unemployment of resources are not required.

Economic efficiency is concerned with producing at the lowest point of the short run average cost curve. Economic efficiency assumes minimum cost for a production of goods or services, maximum output, and maximum surplus for the operation of the market. Economic efficiency indicates a balance between profit and loss.

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Use the cost and revenue data to answer the questions. Quantity Price Total Revenue Total Cost 15 90 1350 900 30 80 2400 1500 45
borishaifa [10]

Answer:

What is marginal revenue when quantity is 30 ? 30?

  • $70

= ($2,400 - $1,350) / (30 - 15) = $900 / 15 = $70  

What is marginal cost when quantity is 60 ? 60?

  • $60

= ($3,150 - $2,250) / (60 - 45) = $900 / 15 = $60

If this firm is a monopoly, at what quantity will profit be maximized?

  • quantity: 45 units

a monopoly maximizes its accounting profit when marginal revenue = marginal cost, in this case they both equal $50 per unit when total output is 45 units

If this is a perfectly competitive market, which quantity will be produced?

  • quantity: 45 units

a perfectly competitive firm maximizes its accounting profit when marginal revenue = marginal cost, in this case they both equal $50 per unit when total output is 45 units

Comparing monopoly to perfect competition, which statement is true?

  • The consumer surplus is smaller with a monopoly.
  • The monopoly's price is higher.

In a monopoly, output is smaller than the perfectly competitive output. The price charged by a monopolist is also higher. This also results in lower consumer surplus with a monopoly.

Explanation:

Quantity      Price       Total Revenue            Total Cost

15                 90                   1350                         900

30                80                   2400                      1500

45                70                    3150                      2250

60                60                  3600                       3150

75                50                   3750                      4200

90                40                  3600                      5400

3 0
2 years ago
Which layer communicates with the physical hardware and is responsible for the delivery of signals from the source to the destin
otez555 [7]
<span>The physical hardware and is responsible for the delivery of signals from the source to the destination over a physical communication platform is the data link. The data link allows the layer to communicate in a way that helps everything fall into place.</span>
5 0
3 years ago
An inventory loss from market decline of $1,200,000 occurred in May 2015, after its March 31, 2015 quarterly report was issued.
JulsSmile [24]

Answer:

The answer is:

The inventory loss should be recorded entirely in the second quarter that ends in 6/30/2015 since losses have to be recorded as soon as the company recognizes them. The other quarters should not reflect any of the losses associated with this event.

Explanation:

The accrual accounting principle states that accounting transactions have to be recorded in the period when they actually happen. The conservatism principle states that liabilities and losses have to be recorded as soon as they are recognized.

8 0
3 years ago
In 2007, the economy slipped in a recession that many called the worst since the Great Depression. This caused people to experie
Elis [28]

Answer:

an increase in equilibrium price and an indeterminate effect on equilibrium quantity.

Explanation:

An inferior good is a good whose demand increases when income falls and reduces when income rises.

If ramen is an inferior good, when income falls its demand would increase. This would lead to a rise in quantity and price.

An increase in the price of wheat would increase the cost of production of ramen. As a result, the supply of ramen would fall. Price would increase and supply would fall.

The combined effect would be an increase in equilibrium price but an indeterminate effect on equilibrium quantity.

I hope my answer helps you

3 0
3 years ago
Mega Mart is a part of a business unit that has grown very slowly over the years. According to your local business newspaper, th
arlik [135]
The right answer for the question that is being asked and shown above is that: • • Mega Mart is a “dog.” A business unit is considered a dog is when the market growth rate is low and the relative market share is also low. 

Business unit that has grown very slowly.
They have a very low share.<span>
</span>
8 0
3 years ago
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