« previous next »

Author Question: What is the distinction between private cost and social cost? What will be an ideal ... (Read 66 times)

acc299

  • Hero Member
  • *****
  • Posts: 569
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
Buy Test-Bank


Galvarado142

  • Sr. Member
  • ****
  • Posts: 348
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

People about to have surgery must tell their health care providers about all supplements they take.

Did you know?

Colchicine is a highly poisonous alkaloid originally extracted from a type of saffron plant that is used mainly to treat gout.

Did you know?

Drug-induced pharmacodynamic effects manifested in older adults include drug-induced renal toxicity, which can be a major factor when these adults are experiencing other kidney problems.

Did you know?

HIV testing reach is still limited. An estimated 40% of people with HIV (more than 14 million) remain undiagnosed and do not know their infection status.

Did you know?

Always store hazardous household chemicals in their original containers out of reach of children. These include bleach, paint, strippers and products containing turpentine, garden chemicals, oven cleaners, fondue fuels, nail polish, and nail polish remover.

In the box on upward social mobility on page 82, we discussed how Latinos face a similar situation. ... In the box on upward social mobility on page 82, we discussed how Latinos face a similar situation. ...
Stressing that education reproduces a country’s social class system, conflict theorists point out ... Stressing that education reproduces a country’s social class system, conflict theorists point out ...
Social Conditions and Gender Social Conditions and Gender
Private Practice Massage Therapy Business Plan Cont Private Practice Massage Therapy Business Plan Cont
Cost of Copying for the Follower Country Cost of Copying for the Follower Country
When operating your own business, it is wise to know your cost of capital and that of the ... When operating your own business, it is wise to know your cost of capital and that of the ...
Video: Covalent bonds - role in the body

For a complete list of videos, visit our video library