What does LRMSC mean in UNCLASSIFIED
Long Run Marginal Social Cost (LRMSC) is a term used in economics to refer to the total cost of providing a good or service over a prolonged period of time. It takes into account the immediate costs of production, such as resources and labour, as well as externalities like environmental damage, health costs and other social consequences. LRMSC is an important concept for economists, policy makers and businesses when making decisions about resource allocation.
LRMSC meaning in Unclassified in Miscellaneous
LRMSC mostly used in an acronym Unclassified in Category Miscellaneous that means Long Run Marginal Social Cost
Shorthand: LRMSC,
Full Form: Long Run Marginal Social Cost
For more information of "Long Run Marginal Social Cost", see the section below.
Essential Questions and Answers on Long Run Marginal Social Cost in "MISCELLANEOUS»UNFILED"
What is Long Run Marginal Social Cost?
Long Run Marginal Social Cost (LRMSC) is a term used in economics to refer to the total cost of providing a good or service over a prolonged period of time. It takes into account the immediate costs of production, such as resources and labour, as well as externalities like environmental damage, health costs and other social consequences.
What are some factors taken into account by LRMSC?
Factors taken into account by LRMSC include the immediate costs of production such as resources and labour, externalities such as environmental damage, health costs and other social consequences.
How is LRMSC used in economic decision-making?
LRMSC is important for economists, policy makers and businesses when making decisions about resource allocation. It helps them assess the full cost associated with producing and providing certain goods or services to ensure that resources are being allocated efficiently and effectively.
Does economic theory consider externalities when calculating LRMSC?
Yes, economic theory considers externalities when calculating LRMSC. This includes factors like environmental damage, health costs and other social consequences which can be caused by producing certain goods or services.
Final Words:
Long Run Marginal Social Cost (LRMC) is an important concept for economists, policy makers and businesses when making decisions about resource allocation. It accounts for both immediate costs of production such as resources and labour but also factors outside normal market forces like environmental damage or health costs related to providing certain goods or services. By taking these things into consideration in it's calculation it ensures that resources are being allocated in an efficient manner.