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Textbooks / Business / Principles of Economics 6 / Chapter 14 / Problem Problems and Applications 14.7

A firm in a competitive market receives $500 in total revenue and has marginal revenue

Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw ISBN: 9780538453059 472

Solution for problem Problems and Applications 14.7 Chapter 14

Principles of Economics | 6th Edition

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Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw

Principles of Economics | 6th Edition

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Problem Problems and Applications 14.7

A firm in a competitive market receives $500 in total revenue and has marginal revenue of $10. What is the average revenue, and how many units were sold?

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***ethics deal with what is right or wrong--moral us immoral***  can people be taught to be more ethical o Generally, no, But you can learn to be more ethical more of the time Ethical Mentalities  utilitarianism/ consequentialism-if you make a choice that delivers the greatest amount of good for the greatest amount of people, you are in the ethical right o associated with Spok from Startrek "the needs of the many outweigh the needs of the few"  deontology-regards rules and laws (like the hammurabi code)--APPARENTLY DOESN'T WORK (according to Strutton) o The relationship between the law and ethics o -ethics set a much higher status  the truth telling approach-"let your yes mean yes and your no mean no"…WRONG!!!! o DON'T tell

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Textbook: Principles of Economics
Edition: 6
Author: N. Gregory Mankiw
ISBN: 9780538453059

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A firm in a competitive market receives $500 in total revenue and has marginal revenue