Micro Economics formula

Formula of total cost

Total cost = total fixed cost + total variable cost

or

Total cost = average cost x Q

Formula for total fixed cost

Total fixed cost = total cost - total variable cost

or

Total fixed cost = average fixed cost x Q

Formula for total variable cost

Total variable cost = total cost - total fixed cost

or

Total variable cost = average variable cost x Q

Formula for average cost

Average cost = total cost / Q

or

Average cost = average fixed cost + average variable cost

Formula for average variable cost

Average variable cost = total variable cost / Q

or

Average variable cost = average cost - average fixed cost

Formula for average fixed cost

Average fixed cost = total fixed cost / Q

or

Average fixed cost = average cost - average variable cost

Formula for marginal cost

Marginal cost = ∆total cost / ∆Q

Formula for total revenue

Total revenue = P x Q

Formula for average revenue

Average revenue = P

Formula for marginal revenue

Marginal revenue = ∆total revenue / Q

Formula for total product

Total product = average price x QoL

Formula for average product

Average product = Total product / QoL

Formula for marginal product

Marginal product = ∆total product / ∆QoL

Formula for profit

Profit = Total revenue - total cost

Formula for profit per unit

Profit per unit = average revenue - average cost

Formula for elasticity of supply

%∆quantity supplied / %∆P