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econnotes - Marginal private costs Benefits that are...

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MATH 5.1 04:29 A feature of certain goods that means that one person's consumption does  not reduce the amount available for others. - Nonrival Production of an output at the lowest possible average cost. Productive efficiency The extra benefits to both the consumer (internal benefits) and to society (external benefits) of  additional quantities of a product.  Marginal social benefits Costs that are incurred by people other than the producers or consumers of a product.  External Costs Goods or services whose benefits can be denied to non-buyers and whose consumption by one  person reduces the amount available for others. Private Goods The extra internal (or private) costs to the producer of increasing production by one additional unit.
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Unformatted text preview: Marginal private costs Benefits that are enjoyed by people other than the producers or consumers of a product. External Benefits Goods or services whose benefits are not affected by the number of users and from which no one can be excluded. Public Goods The additional costs to both the producer (internal costs) and society (external costs) of producing additional quantities of a product. Marginal social costs Benefits or costs of a product experienced by people who neither produce nor consume that product. Externalities 04:29 04:29...
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  • Spring '10
  • allen
  • marginal social costs, marginal social benefits, marginal private costs, External¬†Costs Goods, costs Benefits

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econnotes - Marginal private costs Benefits that are...

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