Question

Explain how international travel may create external costs?

Answer 1

Visa, import charges, currency change.

Answer 2

Answer:

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◆An external cost occurs when producing or consuming a good or service imposes a cost (negative effect) upon a third party.

◆If there are external costs in consuming a good (negative externalities), the social costs will be greater than the private cost.

◆The existence of external costs can lead to market failure. This is because the free market generally ignores the existence of external costs.

◆External marginal cost (XMC) the cost to a third party from the consumption/production of one extra unit.

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