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Economics U6 > Equations > Flashcards

Equations Flashcards

1
Q

Average Product

A

AP = TP / units of input (labor)

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2
Q

Marginal Product

A

MP = change in TP / change in units of input (labor)

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3
Q

Average Fixed Cost

A

AFC = TFC / Q

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4
Q

Average Variable Cost

A

AVC = TVC / Q

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5
Q

Average Total Cost

A

ATC = TC / Q (or AFC + AVC)

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6
Q

Marginal Cost

A

MC = change in TC / change in Q = change in TVC / change in Q

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Economics U6 (7 decks)

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