Economically efficient and technologically efficient

Reference no: EM13870250

What if the price of labour relatively cheaper than capital, for labour is $1 and capital for $1000. Two combination produce save amount of output, one is 10 labour and 10 capital, one is 1000labour and 1 capital. The second one cost the least, Can i say the second one is economically efficient and technologically efficient? If it is economically efficiency then it must be technologically efficient?

Reference no: EM13870250

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