Econ Formulas

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Microeconomics

AP Microeconomics

Unit 3: Production, Cost, and the Perfect Competition Model

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14 Terms

1
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TR

P • Q

2
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TC

TFC + TVC

3
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Profit

TR - TC

4
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Accounting Profit

TR - Explicit Costs

5
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Economic Profit

TR (Explicit Costs - Implicit Costs)

6
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MR

🔺TR/ 🔺Q

7
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MC

🔺TC/ 🔺Q

8
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ATC

TC/Q or AFC + AVC

9
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AVC

TVC/ Q

10
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AFC

TFC/ Q

11
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MP

🔺TP/ 🔺L

12
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AP

TP/ L

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Profit Maximizing Rule

MR >= MC

14
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Total Profits (long)

Q(P - ATC)

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