Economic equations

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Last updated 7:22 PM on 4/8/26
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7 Terms

1
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Total Variable Costs (TVC)

wL

2
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Total Fixed Costs (TFC)

vK

3
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Total Cost (TC)

TVC + TFC or wL + vK

4
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Marginal Cost (MC)

ΔTC/Δq

5
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Average Variable Cost (AVC)

TVC/q

6
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Average Fixed Cost (AFC)

TFC/q

7
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Average Total Cost (ATC)

TC/q or AVC + AFC