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5 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Total costs
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FC+VC
(fixed cost plus variable cost) |
adding
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total revenue
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PXQ (price times quantity)
|
multiply
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Marginal Cost
|
the change in TC (total cost)
divided by the change in Q (quantity) |
changes and dividing
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Marginal Revenue
|
the change in TR (total cost)
divided by the change in Q (quantity) |
changes and dividing but different from MC
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Profit
|
TR-TC
(total revenue minus total cost) |
subtracting
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