How do social costs and benefits differ from private costs and benefits? Explain with examples.

How do social costs and benefits differ from private costs and benefits? Explain with examples.

Expert Solution

Private costs are paid by the firm or consumer and are included in production and consumption decision while social costs include both personal costs arising from the production or consumption of a good and any other external costs.

Rahul Sunny answered 1 year ago

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How do social costs and benefits differ from private costs and benefits? Explain with examples.

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