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Difference between technical efficiency and economic efficiency?
technical efficiency is related to change in output due to change in input and economic efficiency refers to a number of related concepts.
What are the differences between technical efficiency and economic efficiency?
•Technical efficiency. A firm (or industry) products at lowest point where AC crosses MC.•Allocativeefficiency. P = MC = MR. Satisfaction is represented by demand curve. DD = SS. Equilibrium.
What is difference between effectiveness and efficiency and why?
effectiveness refers to the ability to produce the desired results. efficiency refers to the correctness of the produced result ex; effectiveness is like making an engine of high performance and efficiency is like the extent to which it works and reach the goal of the manufacture
Difference between efficiency and productivity?
In economics, efficiency and productivity relate to the making of products, both goods and services. Productivity represents the amount of output compared to the effort put into the production of that good. Efficiency on the hand means the amount of time spent in doing the same thing.
What is the relationship between the marginal rate of technical substitution and the efficiency of production processes?
The marginal rate of technical substitution measures how efficiently a production process can replace one input with another while maintaining the same level of output. A higher marginal rate of technical substitution indicates a more efficient production process, as it can easily adjust inputs to maximize output.
