Econ Equations

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