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Unit-9: Theory of Cost and Revenue

9.20 Keywords Notes

• Economic Cost: Pay by rupees.
• Private Cost: The cost use by production.

9.21 Review Questions

1. What do you understand by the actual costs?
2. What do understand by the economic costs?
3. Social cost is different from individual cost. Explain it.
4. Describe the relationship between Average cost and Marginal cost.

Answers : Self Assessment

1. Monetary 2. Options 3. Contained 4. (a)
5. (d) 6. (a) 7. (a) 8. (c)
9. True 10. True 11. False 12. True

9.22 Further Readings

1. Microeconomics— Robert S. Predik, Daniel L. Rubenfield and Prem L. Mehta, Pearson
Education, 2009, PBK, 7th Edition.
2. Microeconomics— David Basenco and Ronald Brutigame, Wiley India, 2011, PBK, 4th
Edition.
3. Microeconomics—Shipra Mukhopadhyay, Annie Books, 2011.

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