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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.
compare and contrast adam smith''s theory of absolute advantage theory and david ricardo''s comparative advantage theory of international trade.
#question.case study of bain limt price theory
Assume that the market for lamb is perfectly competitive. Using an appropriate model (or models) illustrate and explain a. How a competitive market arrives at equilibrium
what are the similarities and differences of marginal productivity and marginal utility
Axioms: It is possible to construct a utility index which can be used to predict choice in uncertain situations if the consumer conforms to the following five axioms: • A
Mamun has a weakly income of 600 dollars. Price of chocolate is 5 dollar and price of potato is taka 10. Both are normal goods. Show the income and substitution effect for each of
oxidation state of f block elements
Price elasticity is used in economics to determine the changes in price of goods and services. It measures the change in price demanded and quality supplied. Determinants of pri
Question 1: (a) Describe the different forms that foreign aid may take. (b) Does foreign aid lead to economic growth? Discuss. Question 2: (a) Distinguish between ec
Low standards of living: In developing nations general standards of living tend to be very low for the vast majority of the people. These low standards of living are manifest
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