Question

Differentiate between Private and Social cost.

Answer 1

Answer:

Private costs are paid by the firm or consumer and must be included in production and consumption decisions. ... Social costs include both the private costs and any other external costs to society arising from the production or consumption of a good or service.

Answer 2

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♣Private costs are paid by the firm or consumer and must be included in production and consumption decisions.

♣Social costs include both the private costs and any other external costs to society arising from the production or consumption of a good or service.

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