Formulas Micro

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Last updated 1:47 AM on 6/9/26
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15 Terms

1
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Profit SR LR

P>ATC

2
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Break even SR

P=ATC

3
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Economic loss SR

P<ATC

4
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Shut down SR

P<AVC

5
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Break even LR

P=ATC, P=min(AC)

6
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Shut down LR

P<ATC

7
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Profit Max

MR=MC, or derivative of profit

8
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Perfect competition

P=MC

9
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Perfect market

P=MR=MC=AR

10
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Total cost SR (labour, land, capital)

TC=wpLp+wcLc

11
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Total cost LR (labour, land, capital)

TC=rK(q)+wL(q)

12
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Profit

TR-TC = (AR-ATC)q = (P-ATC)q

13
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Social marginal cost

PMC + MEC

14
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MEC

PMB=PMC

15
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Social marginal benefit

PMB-External Costs