Formula Flashcards
1
Q
Profit =
A
Total Revenue - Total Cost
2
Q
Total Revenue =
A
Price × Quantity
3
Q
Total Cost =
A
Fixed Cost + Variable Cost
4
Q
Average Fixed Cost =
A
Fixed Cost / Quantity
5
Q
Average Variable Cost =
A
Variable Cost / Quantity
6
Q
Average Fixed Cost =
A
Average Fixed Cost + Average Variable Cost
7
Q
Marginal Cost =
A
∆ Total Cost / ∆ Quantity or dTC/ dQ
8
Q
Marginal Product of Labour =
A
dQ / dL
9
Q
Marginal Cost and Elasticity equation:
A
P(1 + 1/E) = MC
10
Q
In a monopoly, MR =
A
P + Q dP/dQ
