This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Can a firm achieve technological efficiency without achieving economic efficiency? What will be ... (Read 65 times)

SGallaher96

  • Hero Member
  • *****
  • Posts: 509
on: Jun 29, 2018
Can a firm achieve technological efficiency without achieving economic efficiency?
 
  What will be an ideal response?

Question 2

In the figure above in the market for high-skilled labor, the equilibrium wage rate is
 
  A) 16.
  B) 8.
  C) 20.
  D) 28.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

l.stuut

  • Sr. Member
  • ****
  • Posts: 345
Reply #1 on: Jun 29, 2018
Answer to Question 1

Yes. Technological efficiency means achieving the most output possible from any given combination of inputs. There might, however, be a different combination of inputs that can produce the same quantity of output at a lower cost. Economic efficiency is attained when the lowest cost combination of inputs is chosen, and when that combination of inputs is used to produce the largest possible quantity of output.

Answer to Question 2

D


SGallaher96

  • Member
  • Posts: 509
Reply 2 on: Jun 29, 2018
Great answer, keep it coming :)

bulacsom

  • Member
  • Posts: 329
Reply 3 on: Yesterday
Excellent

« previous next »
 

Did you know?

Ether was used widely for surgeries but became less popular because of its flammability and its tendency to cause vomiting. In England, it was quickly replaced by chloroform, but this agent caused many deaths and lost popularity.

Did you know?

Allergies play a major part in the health of children. The most prevalent childhood allergies are milk, egg, soy, wheat, peanuts, tree nuts, and seafood.

Did you know?

The FDA recognizes 118 routes of administration.

Did you know?

After 5 years of being diagnosed with rheumatoid arthritis, one every three patients will no longer be able to work.

Did you know?

During the twentieth century, a variant of the metric system was used in Russia and France in which the base unit of mass was the tonne. Instead of kilograms, this system used millitonnes (mt).

Economic Development Economic Development
Greet a First-Time Client With a Firm Handshake. Greet a First-Time Client With a Firm Handshake.
Economic activity as viewed by environment and ecological economists Economic activity as viewed by environment and ecological economists
economic question economic question
economic question economic question
Political and Economic Systems Political and Economic Systems
Video: Brain Lobes Animation

For a complete list of videos, visit our video library