Economy, asked by dugguvaid9898, 1 year ago

the choice of technique depends on what factors

Answers

Answered by nehalshekhar8
1
it depends on capital and labor intensity of the methods used to produce a product. but in traditional development economics it was based on what type of goods should be produced and also the scale of operation was decided.
Answered by Dia095
0
A choice between alternative techniques of production is a major problem in the planning for developing countries. This is because a particular choice of technique of production affects not only the magnitude of employment but also the rate of economic growth.
Several alternative techniques of production are available to produce a commodity and these differ with regard to the amount of capital being used with a unit of labour for production. In other words, the various techniques differ with regard to capital-intensity which is generally measured by the magnitude of capital-labour (K/L) ratio. Thus, the higher the capital-intensity, the more quantity of capital as compared to labour will be used to produce a given level of output.

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