Cost in the Short Run and in the Long Run- Economics

TC=TFC+TVC

Total Cost=Total Fixed Cost+Total Variable Cost

TVC=TC-TFC

Total Variable Cost=Total Cost-Total Fixed Cost

MC=the change in TC/output

Marginal cost=the change in total cost/output

MC=the change in TVC/output

Marginal Cost=the change in Total Variable Cost/Output

ATC=TC/output

Average Total Cost = Total Cost/output.

ATC=AFC+AVC

Average Total Cost=Average fixed cost+Average Variable Cost

AFC=TFC/output

Average Fixed Cost=Total Fixed Cost/output

AFC=ATC-AVC

Average Fixed Cost=Average Total Cost-Average Variable Cost

AVC=ATC-AFC

Average Variable Cost=Average Total Cost-Average Fixed Cost

AVC=TVC/output

Average Variable Cost=Total Variable Cost/ Output