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Finding Marginal Utility (MU)
the change in TU / the change in Q
(TU 1 - TU 2 / Q 1 - Q 2)
Finding Marginal Utility per $ (MU/$)
MU / P
(MU = 16, P = 1, = 16/1)
Finding Fixed Costs (FC)
TC - VC
MC x Q
FC 1 + FC 2 + FC 3….
Finding Variable Costs (VC)
TC - FC
AVC x Q
(VC 1 x Q) + (VC 2 x Q) + (VC 3 x Q)….
Finding Total Costs (TC)
FC + VC
ATC x Q
Finding Average Total Costs (ATC)
TC / change in Q
AFC + AVC
Finding Average Variable Costs (AVC)
VC / change in Q
ATC - AFC
Finding Average Fixed Costs (AFC)
FC / change in Q
ATC - AVC
Finding Marginal Product of Labor (MPL)
the change in Q / the change in Labor (L)
Q2 - Q1 / L2 - L1
Finding Marginal Costs (MC)
the change in TC / the change in Q
TC 2 - TC 1 / Q2 - Q1