cost curve equations

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9 Terms

1
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average product

total product / number of workers

2
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marginal product

change in total product / change in number of workers

3
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average fixed cost

total fixed cost / quantity

4
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average variable cost

total variable cost / quantity

5
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total cost

average variable cost + total fixed cost

6
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total cost

(average fixed cost + average variable cost) * quantity

7
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average total cost

total cost / quantity

8
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average total cost

average fixed cost + average variable cost

9
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marginal cost

change in total cost / change in output