Differentiate between money cost and social cost
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Social cost =private cost+external cost
Social cost in neoclassical economics is the sum of the private costs resulting from a transaction and the costs imposed on the consumers as a consequence of being exposed to the transaction for which they are not compensated or charged. In other words, it is the sum of personal and external costs.
Money cost
Money cost is also known as the nominal cost. It is nothing but the expenses incurred by a firm to produce a commodity
Social cost in neoclassical economics is the sum of the private costs resulting from a transaction and the costs imposed on the consumers as a consequence of being exposed to the transaction for which they are not compensated or charged. In other words, it is the sum of personal and external costs.
Money cost
Money cost is also known as the nominal cost. It is nothing but the expenses incurred by a firm to produce a commodity
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