Equations t know for Microeconomics

TP

Q

Average Product(AP)

Total Product(Q)/ Labour (L)

TP

Q

Average Product(AP)

Total Product(Q)/ Labour (L)

Marginal Product (MP)

Change in Total Product/ Change in Labor

Profit

(Average Revenue - Average Costs) x Quantity

Total Revenue (TR0

Price(P) x Quantity (Q)

Total Costs (TC)

Total Fixed Costs (TFC) +Total Variabel Cost(TVC)

Total Cost (TC)

Average Cost (AC) x Quantity (Q)

Average Cost (AC)

Total Costs(TC) / Quantity(Q)

Average Fixed Cost(AFC)

Total Fixed Cost (TFC)/ Quantity (Q)

Average Variable Costs(AVC)

Total Variable Costs(TVC) / Quantity (Q)

Average Revenue (AR)

Total Revenue (TR) / Quanity(Q)

Marginal Revenue(MR)

Change in Total Revenue/ Change in Quantity

Marginal Cost (MC)

Change in Total Cost / Change in Quantity