Production costs(formulas)

0.0(0)
Studied by 0 people
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/9

encourage image

There's no tags or description

Looks like no tags are added yet.

10 Terms

1
New cards

MPL

Change in quantity/change in labor

2
New cards

APL

Total Quantity/number of workers

3
New cards

Total cost

Fixed cost + variable cost

4
New cards

Average fixed cost

fixed cost/quantity

5
New cards

Average Variable Cost

variable cost/quantity

6
New cards

Average Total cost

total cost/quantity

7
New cards

Marginal Cost

Change in total cost/change in quantity

8
New cards

Variable cost

total cost - fixed cost

9
New cards

Marginal product of labor

Change in quantity/change in labor

10
New cards

Average product of labor

Total quantity/Number of workers