What is the difference between private and social cost?
Homework Answers
Private cost is the cost that firms pay to carry out the production of goods of services, like capital equipment, wages to labour, rent etc. Firms also incur other external costs that are not included in their account statements such as installation of pollution control equipment for the benefit of the public. Social cost means private cost plus external cost.
Hi, i need help with this question SMC FIGURE 2.15 The difference between private and social...
Hi, i need help with this question
SMC FIGURE 2.15 The difference between private and social marginal cost. PMC 0 98 9p QUESTION 2.8: In Figure 2.15, if the firm is producing output, is there any external cost being generated? If so, why is this output level called a social op- timum? Would it not be optimal to have no external cost? At what level of out- put would that occur? Does our earlier discussion that characterized any social optimum...
• Distinguish between marginal private cost and marginal social cost • Define marginal damage • Explain...
• Distinguish between marginal private cost and marginal social cost • Define marginal damage • Explain why market efficiency is affected in the case of externalities
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What are the main differences between social and private insurance? Discuss the pros and cons of each. 150 words no duplicate answers
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4. What is the difference between total manufacturing costs and cost of goods manufactured? Cost of...
4. What is the difference between total manufacturing costs and cost of goods manufactured? Cost of goods manufactured and cost of goods sold? 5. Do you think a public company should be concerned with Corporate Social Responsibility? Why ohwhy not?
Explain the difference between philanthropy and charity. Use examples from private and public non-profit organizations to...
Explain the difference between philanthropy and charity. Use examples from private and public non-profit organizations to describe these differences. How does the nonprofit sector supplement the government’s role in providing social services?
What is the difference between social responsibility and managerial ethics? Why is this distinction important?
What is the difference between social responsibility and managerial ethics? Why is this distinction important?
Hi, i need help with this question
SMC FIGURE 2.15 The difference between private and social marginal cost. PMC 0 98 9p QUESTION 2.8: In Figure 2.15, if the firm is producing output, is there any external cost being generated? If so, why is this output level called a social op- timum? Would it not be optimal to have no external cost? At what level of out- put would that occur? Does our earlier discussion that characterized any social optimum...
• Distinguish between marginal private cost and marginal social cost • Define marginal damage • Explain why market efficiency is affected in the case of externalities
4. What is the difference between total manufacturing costs and cost of goods manufactured? Cost of goods manufactured and cost of goods sold? 5. Do you think a public company should be concerned with Corporate Social Responsibility? Why ohwhy not?
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