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  2. Marginal cost - Wikipedia

    en.wikipedia.org/wiki/Marginal_cost

    The marginal private cost shows the cost borne by the firm in question. It is the marginal private cost that is used by business decision makers in their profit maximization behavior. Marginal social cost is similar to private cost in that it includes the cost of private enterprise but also any other cost (or offsetting benefit) to parties ...

  3. Social cost - Wikipedia

    en.wikipedia.org/wiki/Social_cost

    Mathematically, social marginal cost is the sum of private marginal cost and the external costs. [3] For example, when selling a glass of lemonade at a lemonade stand, the private costs involved in this transaction are the costs of the lemons and the sugar and the water that are ingredients to the lemonade, the opportunity cost of the labor to combine them into lemonade, as well as any ...

  4. Externality - Wikipedia

    en.wikipedia.org/wiki/Externality

    The marginal private cost is less than the marginal social or public cost by the amount of the external cost, i.e., the cost of air pollution and water pollution. This is represented by the vertical distance between the two supply curves. It is assumed that there are no external benefits, so that social benefit equals individual benefit.

  5. Pigouvian tax - Wikipedia

    en.wikipedia.org/wiki/Pigouvian_tax

    To deal with over-production, Pigou recommends a tax placed on the offending producer. If the government can accurately gauge the social cost, the tax could equalize the marginal private cost and the marginal social cost. In more specific terms, the producer would have to pay for the non-pecuniary externality that it created.

  6. Public good - Wikipedia

    en.wikipedia.org/wiki/Public_good

    These marginal valuations are, formally, marginal rates of substitution relative to some reference private good, and the marginal cost is a marginal rate of transformation that describes how much of that private good it costs to produce an incremental unit of the public good. This contrasts to the social optimality condition of private goods ...

  7. Marginal cost of public funds - Wikipedia

    en.wikipedia.org/wiki/Marginal_cost_of_public_funds

    The marginal cost of ... it is defined as the ratio of the marginal value of a monetary unit raised by the government and the value of that marginal private monetary ...

  8. How much does a private jet cost? Prices by type & alternatives

    www.aol.com/finance/much-does-private-jet-cost...

    The typical cost is between $2,000 and $14,000 per billable hour to charter a private jet. However, those prices aren’t the whole story. However, those prices aren’t the whole story.

  9. Public economics - Wikipedia

    en.wikipedia.org/wiki/Public_economics

    One of the achievements for which the great English economist A.C. Pigou is known, was his work on the divergences between marginal private costs and marginal social costs (externalities). In his book, The Economics of Welfare (1932), Pigou describes how these divergences come about: