Formulae Flashcards
1
Q
average fixed cost
A
total fixed costs/units of output
2
Q
average variable cost
A
total variable cost/quantity of output
3
Q
average revenue
A
total revenue/number of units sold
4
Q
marginal revenue
A
change in total revenue/change in sales
5
Q
total revenue
A
price*output sold
6
Q
profit
A
total revenue-total cost
