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Theory of efficient production advocate zero wastage with minimum cost . Public sector are basically concerned with the welfare of citizens . Their aim is
Theory of efficient production advocate zero wastage with minimum cost . Public sector are basically concerned with the welfare of citizens . Their aim is to maximize soical welfare . Hence in doing so they at times move away from theory of efficient production and get subsidized for the losses in doing so by government . That why public sector are poorly performing in every part of world .
For clubs theory of efficient production applies because by charging minimum fees they increase their membership and hence the cost of operations .
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