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ECON Abbreviation

QuestionAnswer
TR Total Revenue = price × quantity
TC Total Cost = FC + VC
FC Fixed Cost: cost that stays the same as output changes in the short run
VC Variable Cost: cost that changes with output
MC Marginal Cost = ΔTC ÷ ΔQ
AFC Average Fixed Cost = FC ÷ Q
AVC Average Variable Cost = VC ÷ Q
ATC Average Total Cost = TC ÷ Q
MPL Marginal Product of Labor = ΔQ ÷ ΔL
SRATC Short-Run Average Total Cost: average total cost when at least one input is fixed
LRATC Long-Run Average Total Cost: lowest average total cost at each quantity when all inputs can change
Q Quantity of output produced
L Labor, measured as the number of workers in the slides
Δ Change in = new value − old value
ΔQ Change in quantity
ΔL Change in labor
ΔTC Change in total cost
ΔVC Change in variable cost
A average
M marginal
F fixed
V variable
T total
Created by: HoteboyMikyell
 

 



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