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Microeconomics - Formulas
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Terms in this set (8)
TC (total cost)
FC+VC
(fixed cost + variable cost)
AFC (average fixed cost)
FC/Q
(fixed cost/quantity)
ATC (average total cost)
TC/Q
(total cost/quantity)
OR
AVC+AFC
(average variable cost + average fixed cost)
MC (marginal cost)
ΔTC
(change in total cost)
TR (total revenue)
P x Q
(price x quantity)
MR (marginal revenue)
ΔTR (change in total revenue)
π (profit)
TR-TC (total revenue-total cost)
Elasticity of Demand
(%ΔQD) / (%ΔP)
(Percent change in quantity demanded / percent change in price)
This set is often in folders with...
AP Microeconomics Unit 5
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AP Economics (Microeconomics)
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