Monday, January 23, 2017

January 13, 2017


    • Total Revenue - total amount of money a firm receives from selling goods and services
    • Marginal Revenue - additional revenue from selling of additional units of a good 
    • Fixed Cost - a cost that does not change no matter how much of a good is produced
      • Example: salary, rent, mortgage, insurance
    • Variable Cost - a cost that rises or falls depending upon how much is produced 
    • Calculations
      • Total Fixed Cost + Total Variable Cost  = Total Cost 
      • Average Fixed Cost + Average Variable Cost = Average Total Cost              
      • Total Fixed Cost / Quantity = Average Fixed Cost
      • Total Fixed Cost = Average Fixed Cost x Quantity
      • Total Variable Cost / Quantity = Average Variable Cost
      • Total Variable Cost = Average Variable Cost x Quantity
      • Total Cost / Quantity = Average Total Cost 
      • New Total Cost - Old Total Cost = Marginal Cost
    • Output = Quantity 
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1 comment:

  1. Byron M.January 24, 2017 at 12:04 AM

    The way you organized your blog is very well laid out. How you put the most recent things at the start takes the struggle out of having to scroll all the way to the bottom to find what you need. Also since you separated each day by making new post. It makes it easier for you to navigate to a specific day using the table of contents found on the right side of your blog.

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