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