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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

Give an example that illustrates the difference between private costs and social costs.

To determine

Example that illustrates the private cost and social cost.

Explanation

The difference between the private cost and the social cost is the private cost that is only included with the cost of the producer. However, the social cost is included with both private cost and cost of externality. For example, a manufacturing chemical industry that incurs $100,000 for producing a particular quantity of chemicals. Definitely, the production of chemicals creates pollution in the environment and create external cost...

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