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Social costs not included in the marginal cost to a firm can include environmental degradation, public health impacts, and community disruption caused by industrial activities. Additionally, social gains such as improved community well-being, enhanced cultural value, and ecosystem services are often not reflected in the prices consumers pay for goods. These externalities can lead to market failures, where the true costs and benefits of production and consumption are not accurately represented in the market price.
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When the marginal social cost is greater than the marginal social benefit what happens?
inefficient overproduction
How do you determine optimum production?
Three important cases: Total productive surplus is maximised at consumer equilibrium. Total profit is maximised when marginal cost = marginal benefit. Social welfare is maximised where marginal social cost = marginal social benefit.
What factors determine the shape of the marginal social benefit curve in a market economy?
The shape of the marginal social benefit curve in a market economy is determined by factors such as consumer preferences, externalities, government regulations, and the availability of substitutes.
How can one calculate the marginal social benefit of a particular economic activity?
To calculate the marginal social benefit of an economic activity, you would need to consider the additional benefit to society from producing one more unit of the activity. This can be determined by analyzing the impact on individuals and communities, such as improvements in health, education, or infrastructure. By comparing the costs and benefits of each additional unit produced, you can calculate the marginal social benefit.
How can one determine the marginal social benefit of a particular economic activity?
To determine the marginal social benefit of an economic activity, one must consider the additional benefit to society from producing one more unit of a good or service. This can be calculated by comparing the total social benefit of the activity before and after the production of the additional unit. By analyzing the impact on society as a whole, including externalities and spillover effects, one can estimate the marginal social benefit of the economic activity.
When the marginal social cost is greater than the marginal social benefit what happens?
inefficient overproduction
What are the major social issues of the 1970's?
Major social issues of the 1970's included the Cold War, and economic issues. Other major issues were civil wars in both Angola, and Ethiopia.
How do you determine optimum production?
Three important cases: Total productive surplus is maximised at consumer equilibrium. Total profit is maximised when marginal cost = marginal benefit. Social welfare is maximised where marginal social cost = marginal social benefit.
What do social activist's do?
social activists are people who only care about the social issues
What are the most common social issues of 2010?
In 2010, some of the most common social issues included economic inequality, racial tensions, environmental degradation, and access to healthcare. These issues sparked debates and movements worldwide, shaping the social and political landscape of the decade.
What were some of the leading social issues during the 1860's?
During the 1860s, key social issues included the abolition of slavery in the United States, the fight for women's rights and suffrage, and the growing tensions and conflicts leading up to the American Civil War. These issues played a significant role in shaping the social and political landscape of the time.
What is the theory of optimum allocation of resources?
This Theory has been discussed in Public Finance under Dalton's principle of 'Maximum Social Advantage'. Optimum allocation of resources is that point where maximum marginal sacrifice of people is equal to maximum marginal benefits.
What are the social issues in logging?
The problems of what happens to people after logging happens
What social groups are included in a culture?
SOCIAL GROUPS INCLUDED IN A CULTURE INCLUDE: culture the way of life of a group of people who share the same similar beliefs and customs, such as a community, a family, or a congregation.
What factors determine the shape of the marginal social benefit curve in a market economy?
The shape of the marginal social benefit curve in a market economy is determined by factors such as consumer preferences, externalities, government regulations, and the availability of substitutes.
What jobs encompass interviewing people and dealing with social issues?
Human resources
What are the social issues with francium?
Any social issues with francium.
