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Author Question: What is the distinction between private cost and social cost? What will be an ideal ... (Read 61 times)

acc299

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on: Jun 29, 2018
What is the distinction between private cost and social cost?
 
  What will be an ideal response?

Question 2

Refer to Figure 9-4. Suppose the government allows imports of leather footwear into the United States. What will be the domestic quantity supplied?
 
  A) Q0 B) Q1 C) Q2 D) Q2 - Q0
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
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Galvarado142

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A private cost of production is the cost of producing a good or service that is borne only by the producer. A social cost of production includes the private costs of production as well as the external costs of production borne by people other than the producer.

Answer to Question 2

A


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