8. (i) Distinguish between technical efficiency and economic efficiency. (ii) State five ways by which economic...

8. (i) Distinguish between technical efficiency and economic efficiency. (ii) State five ways by which economic efficiency can be improved?

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Expert Solution

Technical efficiency= technical efficiency refers to usin minimum numner of inputs to produce the output.

Meaning, technical efficiency would be attained with the given input we are able to produce the maximum output possible.

Economic efficency-The aim of economic efficiency is to reduce the cost,it aims at economical production which means producing maximum output by involving least cost.

economy efficiency can by improved by:

a) Distribution of scarce resources carefully leading to minimum wastage as only then economic efficency can be attained.

b) Undertake various researches aimed to reduce the cost of production.

c) Upgradation of machines aimed to waste the least resouces

d) economic efficiency can also be achieved by adopting specialization techinque of production, whereby one person does the same thing repeatedly leading to specialization less wastage of time and resources

e) economies of production: producing output in large quantities also leads to reduction in cost.

Rahul Sunny answered 1 year ago

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