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 118 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
Excellent

kusterl

  • Member
  • Posts: 315
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

In 2006, a generic antinausea drug named ondansetron was approved. It is used to stop nausea and vomiting associated with surgery, chemotherapy, and radiation therapy.

Did you know?

Atropine, along with scopolamine and hyoscyamine, is found in the Datura stramonium plant, which gives hallucinogenic effects and is also known as locoweed.

Did you know?

The ratio of hydrogen atoms to oxygen in water (H2O) is 2:1.

Did you know?

According to the CDC, approximately 31.7% of the U.S. population has high low-density lipoprotein (LDL) or "bad cholesterol" levels.

Did you know?

Pink eye is a term that refers to conjunctivitis, which is inflammation of the thin, clear membrane (conjunctiva) over the white part of the eye (sclera). It may be triggered by a virus, bacteria, or foreign body in the eye. Antibiotic eye drops alleviate bacterial conjunctivitis, and antihistamine allergy pills or eye drops help control allergic conjunctivitis symptoms.

Demographic change and the effect on people social, and economic life Demographic change and the effect on people social, and economic life
economic question economic question
economic question economic question
economic question economic question
economic question economic question
economic question economic question
Video: The primary factors that affect circulation - MABP, CO and SVR

For a complete list of videos, visit our video library