Equations t know for Microeconomics
0.0(0)
Studied by 0 people
Knowt Play
Learn
Practice Test
Spaced Repetition
Match
FlashcardsCard Sorting
1/12
There's no tags or description
Looks like no tags are added yet.
Study Analytics
Name | Mastery | Learn | Test | Matching | Spaced |
|---|
No study sessions yet.
13 Terms
1
New cards
TP
Q
2
New cards
Average Product(AP)
Total Product(Q)/ Labour (L)
3
New cards
Marginal Product (MP)
Change in Total Product/ Change in Labor
4
New cards
Profit
(Average Revenue - Average Costs) x Quantity
5
New cards
Total Revenue (TR0
Price(P) x Quantity (Q)
6
New cards
Total Costs (TC)
Total Fixed Costs (TFC) +Total Variabel Cost(TVC)
7
New cards
Total Cost (TC)
Average Cost (AC) x Quantity (Q)
8
New cards
Average Cost (AC)
Total Costs(TC) / Quantity(Q)
9
New cards
Average Fixed Cost(AFC)
Total Fixed Cost (TFC)/ Quantity (Q)
10
New cards
Average Variable Costs(AVC)
Total Variable Costs(TVC) / Quantity (Q)
11
New cards
Average Revenue (AR)
Total Revenue (TR) / Quanity(Q)
12
New cards
Marginal Revenue(MR)
Change in Total Revenue/ Change in Quantity
13
New cards
Marginal Cost (MC)
Change in Total Cost / Change in Quantity
Note 
Flashcards (59)