Differentiate between Private Cost and Social Cost
Differentiate between Private Cost and Social Cost.
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Private costs are the costs incurred through a firm whereas producing a commodity or service. Although social costs are those cost, that are incurred by the society in producing services or commodities. Social costs consist of private costs and external costs. Private costs comprise both explicit and implicit costs. Private costs do not include external costs. The concept of social cost allows understanding the social implication of the utilization of scarce resources in between the various sections of the society. The economic optimum is the yardstick in issues of private cost, but social optimum is the governing factor under the case of social cost.
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When labor was free, in that case this purely competitive firm as in illustrated graph would hire. (1) 600 workers. (2) 700 workers. (3) 800 workers. (4) 900 workers. (5) 1000 workers. Discover Q & A Leading Solution Library Avail More Than 1444964 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1954428 Asked 3,689 Active Tutors 1444964 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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