Economics of social issues- ECO 215

3. Explain why it is important to note that the economic measurement of production costs does not necessarily coincide with accounting measures. In light of this, can you reflect on, explicit, implicit and other cost structures? 4. Based on our discussion in class about MPC and MSC, can you provide an example of the market frailer and resource mis-allocations experienced as a result? How does this situation caused society suffer its well- being