Economics Cost and Revenue Formulas: TFC, TVC, TC, AVC, AFC, ATC, MC, TR, AR, MR
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14 Terms
1
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TFC (Total Factor Cost)
Constant
2
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TVC (Total Variable Cost)
P * X
3
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TC (Total Cost)
TFC + TVC
4
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AVC (Average Variable Cost)
TVC / Y
5
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AFC (Average Fixed Cost)
TFC / Y
6
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ATC (Average Total Cost)
(TC/Y)
7
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MC (Marginal Cost)
ΔTC/ΔY
8
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TR (Total Revenue)
P*Y
9
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AR ( Average revenue)
TR/Y
10
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MR (Marginal Revenue)
ΔTR/ΔY
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MFC (Marginal Factor Cost)
ΔTFC / ΔX
12
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AC (Average Cost)
ATC
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TC (Total Cost)
(TFC + TVC) * Q
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Isocost line
X2 = (TC/P2) + (—P1/P2) * X1
Note 
Flashcards (20)