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show all your work for the problems requiring calculations. 1.Explain the difference between technological efficiency and economic efficiency. Technological efficiency occurs when a firm produces

show all your work for the problems requiring calculations.

1.Explain the difference between technological efficiency and economic efficiency.

Technological efficiency occurs when a firm produces a given output by using the least amount of inputs.

Economic efficiency occurs when the firm produces a given output at the least possible cost.

2.The following table shows alternative ways of producing widgets:

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