03 Costs, Revenues and Market Structure Flashcards
1
Q
Total Revenue =
A
Quantity x price
2
Q
Average Revenue =
A
Total revenue/output
3
Q
Marginal Revenue =
A
Change in total revenue/change in output
4
Q
Total Cost =
A
Fixed costs + variable costs
5
Q
Average Cost =
A
Total costs/output
6
Q
Marginal Cost =
A
Change in total costs/change in output
7
Q
Profit =
A
Total revenue - total costs
