Exam 3 Equations
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21 Terms
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income equation
(Qx * Px) + (Qy * Py)
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Total Utility
=Σ MU
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Marginal Utility
=∆TU/∆Q
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Marginal Utility per dollar
=MU/P
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Indifference Curve Slope
= -MUx/MUy=∆Qy/∆Qx
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Marginal Rate of Substitution Equation
=MUx/MUy
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Marginal Rate of Substitution = Relative Price
MUx/MUy= Px/Py
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π
=total revenue-total cost
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accounting π
=total revenue-explicit cost
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economic π
=total revenue-economic cost
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total revenue
= P * Q
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total cost
=total fixed cost + total variable cost
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Average fixed cost
=total fixed cost/q
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average total cost
=total cost/q
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average variable cost
=total variable cost/q
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marginal cost 1
=∆TC/∆Q
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profit maximization
mr=mc
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marginal cost 2
=wage/MPL
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marginal product of labor
MPL=∆Q/∆L
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total product
Q=Σ MPL
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profit
(P - ATC) * Q
Note 
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