What is meant by social cost?
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The social cost is the cost related to the working of the firm but is not explicitly borne by the firm instead it is the cost to the society due to the production of a commodity. The social cost includes both the private cost and the external cost.
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Heloo
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Social cost is neoclassical economics is the sum of the private costs resulting from a transaction and the cost imposed on the consumers as a consequence as being exposed to the transaction for which they are not compensated or charged , it is the sum of personal and external costs.
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