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Assume You Are Starting a New Company

question 26

Essay

Assume you are starting a new company. Write a code of ethics for the firm.


Definitions:

Total Product

The total amount of output that a firm produces, usually measured over a certain time period, using all available inputs.

Total Costs

The sum of all expenses a company incurs to produce its goods or services, including fixed and variable costs.

Average Variable Costs

The total variable costs of production divided by the quantity of output produced.

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