Micro-Econ Formulas
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Created by:
Trumpetinglennon on April 14, 2010
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6 terms
Terms | Definitions |
|---|---|
 Change in total cost / change in quantity | Marginal Cost (MC) |
| Change in total revenue / change in quantity | Marginal Revenue (MR) |
| Total cost / Quantity | Average Total Cost (ATC) |
| Variable cost / quantity | Average Variable Cost (AVC) |
| Fixed Cost / quantity | Average Fixed Cost (AFC) |
| Fixed cost + variable cost | Total Cost (TC) |
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