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Can You Think Of Some Social Costs Or Issues That Are Not Included In The Marginal Cost To The Firm Or Some Social Gains That Are Not Included In What People Pay For A Good?
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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 phrase best describes how working class people think about economic and social issues?
what
How will equilibirium be determined under discriminating monopoly with two markets?
It will be so because it will not achieve a social equilbrium of marginal benefit (demand) = marginal cost (supply). It will instead set a private profit equilibrium where private benefit (marginal revenue) = marginal cost and thus create a deadweight inefficiency equal to the difference in total social surplus between the regions.
Social cost benefit analysis?
Summary Social cost/benefit: sum of all private costs/benefit. Social welfare analysis: involves optimising social outcomes based on cost/benefit. Optimal occurs: where marginal social cost (MSC) = marginal social benefit (MSB) Is used for: cost of economic choices, policies, initiatives, etc. Longer Explanation Social cost-benefit analysis is also known as 'welfare analysis' and is very similar to normal firm optimisation models. Essentially, social cost and benefit usually involve a private producer or consumer and a public provider or public demand. In these cases, the private cost/benefit of the private actor differs from the social cost/benefit. A social cost/benefit is simply the sum of all costs and benefits of all private actors. Cost is represented on a cost-quantity axis as a positively-sloped function (linear or higher power) and benefit is a negatively-sloped function. Their optimisation occurs where the derivatives of cost and benefit (marginal social cost; marginal social benefit) are equal. This point is where profit/social welfare is greatest.
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.
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 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 are the social issues in logging?
The problems of what happens to people after logging happens
What are the social issues with francium?
Any social issues with francium.
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 jobs encompass interviewing people and dealing with social issues?
Human resources
How art affects and reflects beliefs?
Art reflects social issues. Art affects social issues. Social issues affect our lives. Artists use social issues to affect a change.
How should you deal with a sister who has social issues?
What are her social Issues first?
