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What is wrong with the story

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Reference no: EM132178322

Question: 1. Suppose that the manager of a donut shop tells you that he sold 220 donuts today, for a total revenue of $220 and average revenue of $0.90. What's wrong with this story?

2. Suppose a firm's output is small relative to the size of its market. Explain why this means the firm's marginal revenue will be equal to the market price.

Reference no: EM132178322

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