Supply & Demand part 2: Cost of production table (01/17/17)

Marginal Revenue

The additional income from the sale of an additional product.

Fixed Cost is a cost that does not change no matter how much of a good is produced.

Ex: mortgage, rent, salary.

Variable Cost is a cost that rises or falls depending upon how much is produced.

Ex: Electricity.

TFC+TVC=TC

AFC +AVC = ATC

TFC / Q = AFC

TVC / Q = AVC

TC / Q = ATC

TFC * AFC = Q

TVC * AVC = Q

Q - Quantity

TFC - Total Fixed Cost

TVC - Total Variable Cost

TC -Total Cost

MC  - Marginal Cost

AFC - Average Fixed Cost

AVC - Average Variable Cost

ATC - Average Total Cost

Resources:

http://economics.fundamentalfinance.com/micro_atc_mc.php