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What are the difference between social cost and economic growth?
Social cost is part of economic growth because overall economic production is a function of social benefit minus social costs.
What is the cost or benefit that motivates an economic decision?
A. Innovation B. Incentive C. Profit
When is economic surplus maximized?
when the marginal benefit of consumption is equal to the marginal cost of production.
Types of Cost-benefit analysis methods?
One type of cost-benefit analysis is cost minimization. This is where one determines the least costly alternative. Cost-of-illness analysis takes the economic impact of illness into account.
Economists use to estimate a resource's future economic value compared to its present value?
cost-benefit analysis
What do economics use to test solutions to questions for which there are no obvious or easy answers?
Cost benefit analyses
What are the difference between social cost and economic growth?
Social cost is part of economic growth because overall economic production is a function of social benefit minus social costs.
We want result of 1 year bca?
The economic worthiness of a project is measured by Benefit Cost Analysis. Competing projects can be analyzed with several benefit cost analyses.
What is the cost or benefit that motivates an economic decision?
A. Innovation B. Incentive C. Profit
When is economic surplus maximized?
when the marginal benefit of consumption is equal to the marginal cost of production.
Types of Cost-benefit analysis methods?
One type of cost-benefit analysis is cost minimization. This is where one determines the least costly alternative. Cost-of-illness analysis takes the economic impact of illness into account.
Economists use to estimate a resource's future economic value compared to its present value?
cost-benefit analysis
What is economic of adult education?
This is a continues process in the management of cost, benefit & effectiveness of adult education programmes to achieve an end.
What is the economic rule that explains why you stop purchasing goods and services after you have consumed some?
The economic rule states that we will consume only while marginal benefit exceeds marginal cost.
Definition of scarcity and opportunity cost by Bernardo Villegas?
Opportunity cost refers to the economic benefit forgone by using a resource for one purpose rather than another.
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.
If you have total cost and total benefit how do you get marginal cost and marginal benefit?
Marginal cost is total cost/quantity Marginal benefit is total benefit/quantity
