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marta [7]
4 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]4 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]4 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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Cost estimation, incremental unit-time learning model. Assume the same information for the Pacific Boat Company as in Problem 10
tiny-mole [99]

Answer:

Answer for the question :

"Cost estimation, incremental unit-time learning model. Assume the same information for the Pacific Boat Company as in Problem 10-40 with one exception. This exception is that Pacific Boat uses a 90% incremental unit-time learning model as a basis for predicting direct manufacturing labor-hours in its assembling operations. (A 90% learning curve means b = –0.152004.)a. Prepare a prediction of the total costs for producing the six PT109s for the Navy. b. If you solved requirement 1 of Problem 10-35, compare your cost prediction there with the one you made here. Why are the predictions different? How should Blue Seas decide which model it should use?"

is explained in the attachment.

Explanation:

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5 0
4 years ago
Who is responsible for applying skills, knowledge, and project management tools and techniques to project activities to successf
spin [16.1K]

Answer:

The correct answer is: Project manager.

Explanation:

The Project manager is the executive in corporations to oversee the accomplishments of the objectives of the firm. These professionals help to set, perform, evaluate, and adjust the goals of the company according to the current situation. They come up with different tools to effectively achieve that.

3 0
4 years ago
Collectivist values are represented in the social framework of which of the following countries?
jasenka [17]

Answer:

Collectivist values are represented in the social framework of which of the following countries?

C. Brazil

Explanation:

There are different values in the social framework that different countries utilized in the development of various economic models, namely; individualistic and collectivist values. They are further explained below;

1. Collectivist value

These are values that promote group effort and work to achieve certain social and economic goals. The groups can be family groups or even work groups. A major aspect of collectivist is that they disregard personal achievement and desires. Collectivist values discourages competition and encourages empathy for other people. Collectivist value however,has it's disadvantages like; a lack of competition produces doesn't bring quality in terms of production and leadership skills. Examples of countries that have collectivist culture are; China, Korea, Japan, and Brazil. Brazil is a deeply collectivist culture since they expect loyalty between family members and groups.

2. Individualistic value

These are values that encourage personal effort, desires and achievements above group efforts. Individualistic values have the disadvantage of causing high competition that can at times lead to aggression and war, however, these value also have there advantages since most people are more independent and self-sufficient. Examples of countries that have individualistic values are; United States, Australia, and Great Britain.

6 0
3 years ago
In conducting the audit procedures for the search for unrecorded liabilities, the materiality/scope for this area was accessed b
Yuki888 [10]

Answer:

"No."

This transaction does NOT require an accounting adjustment to the financial statements for the fiscal year ending 12/31/2019 - If you believe that statement is correct - answer "No."

Explanation:

The check disbursement does not require an adjustment to the financial statements for the fiscal year ending 12/31/2019, because the check is dated 1/6/2020.

Adjusting entries are changes to the journal entries which tries to match transactions to their correct accounting periods.  A check dated January 6, 2020 does not belong to the fiscal year ending December, 2019.

Adjusting entries are usually for Accrued Revenue, Accrued Expenses, Deferred Revenue, Prepaid Expenses, and Depreciation Expenses.

5 0
3 years ago
A manufacturing firm has an annual demand of 300,000 units. Using its current operation, the firm pays $800,000 in annual fixed
Elodia [21]

Answer:

It is cheaper to make the units in-house by $300,000.-

Explanation:

<u>First, we need to calculate the total avoidable production costs of making 300,000 units:</u>

Total variable cost= 300,000*15= $4,500,000

Total avoidable fixed cost= 800,000 - 200,000= $600,000

Total production cost= $5,100,000

<u>Now, the total differential cost of buying:</u>

<u></u>

Cost of buying= 300,000*18= $5,400,000

It is cheaper to make the units in-house.

5 0
3 years ago
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