Question

Technically efficient combination of inputs of those which ________

(a) minimizes wastage
(b) maximizes profits
(c) minimizes cost
(d) maximizes revenue ​

Answer 1

Answer:

ye b is right becomes b hi sahi h ap v es bat ko man lijiye ok

Answer 2

Technically efficient combination of inputs of those which (c) minimizes cost

Technical efficiency:

• Technical efficiency is the efficacy with which a certain set of inputs is used to produce an output.
• A firm is called technically efficient if it generates the most output with the fewest inputs, such as labor, money, and innovation.
• In other words, the organization wishes to be as productive as possible with the least available inputs while yet attaining its output objective.

Example:

For example,  A bakery that wants to manufacture 100 cakes every day may purchase exactly the proper number of ingredients to achieve that aim.

In addition, the bakery would have to recruit the fewest number of bakers feasible to operate the fewest ovens capable of creating 100 cakes in a day.