What is social cost of production
What is social cost of production?
Expert
Social Cost:
Under the production of goods, costs will be incurred not only through the owners business but also through the society. Cost incurred through a society in terms of resources used within the production of a commodity is termed as social cost of production. This is the opportunity cost borne by an entire society or community. Social costs have not only the cost borne through the owners of a business or producers but also it is the cost passed on to the society. For illustration, production of exact commodities (rubber, chemical, petroleum and steel) causes environment pollution.
Pollution caused whereas producing a commodity inflicts a social cost on those residents who undergo ill health. Several industries leave wastes that the adjoining areas have to bear. A cost which is not borne by the firm except is incurred by others in the society is termed as external cost. Social cost contains external costs and privet cost (since firms are also apart of society). Therefore, social cost is the total cost of the society on account of production of a commodity. For illustration, the social cost of liquor sold through a firm includes the cost incurred through the firm as private cost and the cost as expenditure of additional police force to deal along with the drunken people and those other incidental expenses for the society.
What is the meaning of managerial economics?
Define the term cost plus pricing.
Illustrates the factors governing prices and pricing decision in briefly?
When a firm hires an additional worker who adds $100 worth of output daily, and adds $50 daily to the firm’s costs, in that case the firm must: (w) hire more labor. (x) hire less labor. (y) not change its employment of labor. (z) sell off some o
Describe briefly Cost Volume-Profit relationship?
Job applicants make use of polished resumes explaining education, work experience and skills, accompanied from supportive letters of recommendation letters like tools in a process economist’s call: (1) adverse selection. (2) signaling. (3) human
Increasing the wage from $9 to $15 will cause Plastibristle’s total hourly wage payments to: (w) rise by about $900. (x) rise by about $1500. (y) fall by about $900. (z) fall by about $1500. <
Explain the modern definition of economics?
When this purely competitive labor market is firstly in equilibrium at D0L, S0L, a move to equilibrium at D1L, S0L would be inconsistent along with increases in: (w) the price of output. (x) labor productivi
Wages tend to increase while labor demand: (w) and supply both decrease. (x) decreases and supply increases. (y) and supply both raise. (z) increases and supply decreases. Please choose the right answer from above.
18,76,764
1959838 Asked
3,689
Active Tutors
1431801
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!