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Social cost:
Social cost of production refers to the cost incurred by a society when its economic resources are used to produce a given commodity. The usage of a society’s resources to produce a given commodity implies sacrificing the production of some other commodities. This is termed the opportunity cost of production. The social cost of production is normally stated in terms of marginal social cost, which simply means the increment in total cost of the entire society. It must be borne in mind that the social cost of production may be higher than private cost because other consequential effects of productive activities are considered (examples are water and air pollution, environmental degradation, etc). For example, a mining firm may degrade the environment in course of its production activities.
schedules for cost
Consider what would happen if a taxes of 10000$ was imposed on imported automobiles on dealers.Using a demand and supply diagram, show its impact of price and quantity. Suppose the
What is the difference between indifference curve and isoquants? An indifference curve shows dissimilar combinations which a consumer can buy with a given level of income. Ind
Illustrate the content in the rational consumer? Content in the rational consumer: a. How to spend income onto goods and services? b. Why maximizing usefulness? c. Wh
Write an objective analysis paper on the economics of outsourcing and insourcing production by businesses. Please make sure you have a thesis (a main point that you are making) and
Slope of an Iso-quant: Since along an iso-quant the level of output remains the same, if θL units of θL are substituted for K units of K, the increase in output due to θ L
isoquants curve shows
Illustrates the key terms of excise tax? Terms of excise tax: a. Tax incidence • Who bears the load of the tax? b. Excess burden or Deadweight loss • Taxes inflict
Allocated Stock and Safety Stock Allocated stock A category of stock which ensures that current stock is set aside and not issued under the normal procedure. Safet
What are the properties of cost function? Properties of Cost Functions: Some similarities are here with consumer theory. Such similarities are actually exact while one compa
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