AP Microeconomics Variables
Symbol/Variable | Meaning |
|---|---|
Q | Quantity |
P | Price |
TR | Total Revenue |
AR | Average Revenue (same as Price in perfect competition) |
MR | Marginal Revenue |
TC | Total Cost |
FC | Fixed Cost |
VC | Variable Cost |
ATC | Average Total Cost |
AFC | Average Fixed Cost |
AVC | Average Variable Cost |
MC | Marginal Cost |
🎯 Production Variables:
Symbol/Variable | Meaning |
|---|---|
TP | Total Product (output) |
MP | Marginal Product |
AP | Average Product |
🎯 Labor & Resource Markets:
Symbol/Variable | Meaning |
|---|---|
MRP | Marginal Revenue Product |
MRC | Marginal Resource Cost (same as wage in perfect competition) |
🎯 Elasticity Variables:
Symbol/Variable | Meaning |
|---|---|
Ed | Price Elasticity of Demand |
Es | Price Elasticity of Supply |
Exy | Cross-Price Elasticity |
Ei | Income Elasticity |
🎯 Externalities & Market Failure:
Symbol/Variable | Meaning |
|---|---|
MSC | Marginal Social Cost |
MPC | Marginal Private Cost |
MSB | Marginal Social Benefit |
MPB | Marginal Private Benefit |
✅ Extra tips:
Δ (delta) = “change in” → used in marginal formulas (e.g., MC = ΔTC / ΔQ).
MR = MC → rule for maximizing profit.