cost and revenue formulas

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Last updated 3:00 PM on 6/10/26
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7 Terms

1
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total costs

fixed costs + variable costs

2
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total revenue

price x quantity

3
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average cost

total cost % quantity

4
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average revenue

total revenue % quantity

5
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average variable costs

total variable costs % quantity

6
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marginal costs

change in total costs % change in quantity

7
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marginal revenue

change in total revenue % change in output