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Economics Lecture Seven (view source)

Revision as of 04:31, October 17, 2009

13 bytes removed ,  04:31, October 17, 2009
→‎Review: Cost Measures: done
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*FC is the cost when Q=0
 
*FC is the cost when Q=0
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*AFC is FC/Q, usually using the maximum Q in the table
+
*AFC is FC/Q, and the question will give you Q
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*TC is the total cost for each Q, usually using the maximum Q in the table
+
*TC is the total cost for each Q, and the question will give you Q
 
*ATC is TC/Q
 
*ATC is TC/Q
 
*TVC is TC - FC
 
*TVC is TC - FC
 
*AVC is TVC/Q
 
*AVC is TVC/Q
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*MC is the difference in cost between the last good produced and the one before it
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*MC is the difference in cost between the specified Q and the good produced before it
    
== More ==
 
== More ==
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