Econ-Supply Production Schedule

==Quantity or Total Product==: Q or TP

@@Marginal Product@@: How much more of a product are you making every time?

$Fixed Costs$: rent or mortgage, insurance, salaries, loan payments

%%Variable costs%%: hourly labor (wages), raw materials, utilities, bonuses

^^Total Cost^^: FC+VC (fixed costs+variable costs)

==Marginal Cost==: current TC minus last row of TC (total cost)

@@Average Total Cost@@: TC / TP (total cost/total product)

$Marginal Revenue$: PRICE of a product (amount received for the next widget)

%%Total Revenue%%: MR x TP (Marginal revenue x total product)

^^Profit^^: TR - TC (total revenue - total cost)

$“In the Red”$: losing profit (cash flow is negative)

==“In the Black”==: making/creating profit (cash flow is positive)

%%Break-Even point%%: TC=TR (total cost=total revenue)

^^Profit Maximized^^: MC=MR (Marginal cost=marginal revenue)-- cost of production=the price