Production Costs Equations Only

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14 Terms

1
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TC

TFC = TVC

2
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MC

change in TC/change in Q

3
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MC alt. equation 1

change in TFC/change in Q + change in TVC/change in Q

4
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MC alt. equation 2

change in TVC/change in output

5
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ATC

TC/Q

6
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ATC alt. equation

AFC + AVC

7
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AFC

TFC/Q

8
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AFC alt. equation

ATC - AVC

9
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long-run TC =

TVC = long-run costs

10
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long-run MC

change in LRTC/change in Q

11
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long-run MC alt. equation

change in LRVC/change in Q

12
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long-run ATC -

long-run AC = long run TC/Q

13
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long-run AVC

long-run TVC/Q

14
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total profit

total revenue - total cost