AP Microeconomics Variables

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Microeconomics

Last updated 5:59 PM on 5/1/25
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27 Terms

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Q

Quantity

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P

Price

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TR

Total Revenue

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AR

Average Revenue (same as Price in perfect competition)

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MR

Marginal Revenue

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TC

Total Cost

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FC

Fixed Cost

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VC

Variable Cost

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ATC

Average Total Cost

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AFC

Average Fixed Cost

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AVC

Average Variable Cost

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MC

Marginal Cost

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TP

Total Product (output)

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MP

Marginal Product

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AP

Average Product

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MRP

Marginal Revenue Product

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MRC

Marginal Resource Cost (same as wage in perfect competition)

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Ed

Price Elasticity of Demand

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Es

Price Elasticity of Supply

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Exy

Cross-Price Elasticity

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Ei

Income Elasticity

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MSC

Marginal Social Cost

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MPC

Marginal Private Cost

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MSB

Marginal Social Benefit

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MPB

Marginal Private Benefit

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Δ

Represents 'change in', used in marginal formulas.

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MR = MC

The rule for maximizing profit.