formulas econ
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11 Terms
1
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Marginal Product (Mp)
ΔVariable Input/ΔTotal Output
2
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Average Product
Total Output/ Total Variable Input
3
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Output Elasticity
%ΔOutput/%ΔVariable input
4
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Total Product
Average product X Labor
5
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Total Cost (short run)
total fixed cost + total variable cost
6
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Total Cost (Long run)
Total variable cost
7
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Marginal Cost
Δtotal cost/Δtotal output
8
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Average Variable Cost
Total variable cost/ total output
9
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Average Fixed Cost
Total Fixed Cost/total output
10
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Average Total Cost
Average variable cost + total fixed cost
11
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Cost Elasticity
%Δtotal variable cost/%Δtotal Output
Note 
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