Cost Formulas Flashcards
1
Q
Total costs
A
Fixed costs x variable costs
2
Q
Total variable cost
A
Variable cost per unit x quantity
3
Q
Average total cost
A
Total cost/ output
4
Q
Average fixed cost
A
Fixed costs / output
5
Q
Average variable cost
A
Total variable cost/ change in output
6
Q
Total revenue
A
Price x quantity sold
