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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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