Equations t know for Microeconomics

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13 Terms

1
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TP
Q
2
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Average Product(AP)
Total Product(Q)/ Labour (L)
3
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Marginal Product (MP)
Change in Total Product/ Change in Labor
4
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Profit
(Average Revenue - Average Costs) x Quantity
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Total Revenue (TR0
Price(P) x Quantity (Q)
6
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Total Costs (TC)
Total Fixed Costs (TFC) +Total Variabel Cost(TVC)
7
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Total Cost (TC)
Average Cost (AC) x Quantity (Q)
8
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Average Cost (AC)
Total Costs(TC) / Quantity(Q)
9
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Average Fixed Cost(AFC)
Total Fixed Cost (TFC)/ Quantity (Q)
10
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Average Variable Costs(AVC)
Total Variable Costs(TVC) / Quantity (Q)
11
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Average Revenue (AR)
Total Revenue (TR) / Quanity(Q)
12
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Marginal Revenue(MR)
Change in Total Revenue/ Change in Quantity
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Marginal Cost (MC)
Change in Total Cost / Change in Quantity