Economics Formulas Flashcards
1
Q
Total Revenue (TR)
A
P x Q
2
Q
Total Cost (TC)
A
ATC x Q
3
Q
Economic Profit (π)
A
TR - TC
4
Q
Marginal Revenue (MR)
A
ΔTR / ΔQ
5
Q
Marginal Product of Labor (MPL)
A
ΔQ / ΔL
6
Q
Marginal Product (MP)
A
ΔTP ( output ) / ΔL
7
Q
Tax Revenue
A
tax per unit x quantity
8
Q
Midpoint Formula
A
Q2 - Q1 / (Q2 + Q1 / 2 ) / P2 - P1 / (P2 + P1 / 2 )
9
Q
Marginal Cost (MC)
A
ΔTC / Q
10
Q
Toal Fixed Cost (TFC)
A
AFC x Q
11
Q
Value of Marginal Product (VMP)
A
MP x P
