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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If all else regarding two occupations are relatively equal, then wages tend to be lower for jobs which: (1) require important education and training. (2) expose the worker to bad weather. (3) require extended periods away from home. (4) pose health and safety hazards
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Explain the infinitely elastic demand.
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