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Economics Lecture Eight (view source)
Revision as of 23:27, October 27, 2009
, 23:27, October 27, 2009→Equations of Medium Difficulty
::At any quantity, average total cost equals average variable cost plus average fixed cost.
::At any quantity, average total cost equals average variable cost plus average fixed cost.
:TVC = sum of MC
:TVC = sum of MC
::Total variable cost equals the sum of Marginal Cost.
:TFC = Q x AFC
:TFC = Q x AFC
::Total fixed cost equals quantity times average fixed cost.
:TVC = Q x AVC
:TVC = Q x AVC
::Total variable cost equals quantity time average variable cost.
:TC = Q x ATC
:TC = Q x ATC
::Total cost equals quantity times average total cost.
:MC = W / MP (where W is wage per unit of labor, and labor is the only input)
:MC = W / MP (where W is wage per unit of labor, and labor is the only input)
::Marginal cost equals wage divided by marginal product.
:AVC = W / AP when labor is the only input and W is the wage or cost of the labor
:AVC = W / AP when labor is the only input and W is the wage or cost of the labor
::Average variable cost equals wage divided by average product.
===Honors===
===Honors===