Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Total productive efficiency is achieved when both technical efficiency and allocative efficiency are achieved. For a given mix of inputs that produce a given output,

Total productive efficiency is achieved when both technical efficiency and allocative efficiency are achieved. For a given mix of inputs that produce a given output, which of the following is consistent with improving technical efficiency (using the given input-output mix as the benchmark)?

  • a. More output is produced using more inputs.
  • b. More output is produced with the same inputs.
  • c. More inputs are used to produce the same output.
  • d. The least costly technically efficient input combination is chosen.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Macroeconomics

Authors: Charles I. Jones

4th Edition

393603767, 393603768, 9780393616125 , 978-0393603767

More Books

Students also viewed these Economics questions

Question

How do emotions affect peoples relationship with money?

Answered: 1 week ago

Question

2. In what way can we say that method affects the result we get?

Answered: 1 week ago