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Essential AP Microeconomics Formulas

Essential AP Microeconomics Formulas. AVERAGE PRODUCT (AP). TOTAL PRODUCT (TP OR Q)/LABOR (L). MARGINAL PRODUCT (MP). ΔTP/ Δ L. PROFIT. TOTAL REVENUE (TR) – TOTAL COST (TC). TOTAL COST. TOTAL FIXED COSTS (TFC) + TOTAL VARIABLE COSTS (TVC). AVERAGE COST (AC).

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Essential AP Microeconomics Formulas

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  1. Essential AP Microeconomics Formulas

  2. AVERAGE PRODUCT (AP)

  3. TOTAL PRODUCT (TP OR Q)/LABOR (L)

  4. MARGINAL PRODUCT (MP)

  5. ΔTP/ΔL

  6. PROFIT

  7. TOTAL REVENUE (TR) – TOTAL COST (TC)

  8. TOTAL COST

  9. TOTAL FIXED COSTS (TFC) + TOTAL VARIABLE COSTS (TVC)

  10. AVERAGE COST (AC)

  11. TOTAL COSTS (TC) / QUANTITY (Q)

  12. AVERAGE FIXED COSTS (AFC)

  13. TOTAL FIXED COSTS (TFC) / QUANTITY (Q)

  14. AVERAGE VARIABLE COSTS (AVC)

  15. TOTAL VARIABLE COST (TVC) / QUANTITY (Q)

  16. AVERAGE REVENUE (AR)

  17. TOTAL REVENUE (TR) / QUANTITY (Q)

  18. IN PERFECT COMPETITION…

  19. DEMAND (D) = AVERAGE REVENUE (AR) = PRICE (P)

  20. MARGINAL REVENUE (MR)

  21. ΔTR / ΔQ (OR ΔTP)

  22. MARGINAL COST (MC)

  23. ΔTC / ΔQ

  24. PROFIT MAXIMIZATION POINT

  25. WHERE MR = MC

  26. “BREAKEVEN” POINT

  27. WHERE P = ATC

  28. SHUTDOWN POINT

  29. WHERE P = AVC

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