Technical and technical efficiency in production?

Technical efficiency in production refers to the ability of a firm to produce the maximum output using a given set of inputs, without any wastage or inefficiency. This means that the firm is using its resources in the most effective way possible to produce goods and services.

On the other hand, technical efficiency refers to the ability of a firm to produce a given level of output using the minimum amount of inputs. In other words, it is about producing goods and services at the lowest possible cost.

Both technical and technical efficiency are important for a firm to remain competitive in the market and maximize its profits. By improving technical efficiency, a firm can reduce its production costs and increase its profitability. Similarly, by improving technical efficiency, a firm can increase its output without increasing its costs, leading to higher profits.