Econ Formulas
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Last updated 2:11 AM on 10/25/24
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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
13
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Profit Maximizing Rule
MR >= MC
14
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Total Profits (long)
Q(P - ATC)
