Calculations Flashcards
1
Q
Marginal Revenue
A
Change in Total Revenue / Change in Quantity
2
Q
Average Cost
A
Total Cost / Quantity
3
Q
Marginal Cost
A
Change in Total Cost / Change in Quantity
4
Q
Variable Cost
A
Total Cost - Fixed Cost
5
Q
Revenue
A
Price x Quantity
6
Q
Profit
A
Revenue - Costs
7
Q
Long Run Price
A
Lowest Average Total Cost
