Define Ethics and Social Responsibility

question 125

Essay

Define ethics and social responsibility.Why are these two concepts important for marketers? Give an example of each behavior.

---

Definitions:

AVC

Average Variable Cost, referring to the variable cost per unit of output.

MC

An abbreviation commonly used for marginal cost, which is the cost added by producing one additional unit of a product or service.

Average Variable Cost

The variable cost per unit of output; the total variable cost divided by the number of units produced.

Economic Profit

The gap between the complete income and all expenses, covering overt and hidden costs.