Term
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Definition
| The fixed cost is a constant no matter the quantity produced. |
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Term
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Definition
| = [Total Fixed Cost] + [Total Variable Cost] |
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Term
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Definition
| = [Δ Total Cost] ÷ [&Delta Units of output] |
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Term
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Definition
| = [Total Fixed Cost] ÷ [Units of output] |
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Term
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Definition
| = [Total Variable Cost] ÷ [Units of output] |
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Term
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Definition
| = [Total Cost] ÷ [Units of output] |
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Term
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Definition
QB2 - QB1 cross-price elasticity of a product for another
----------- product, say product A to product B
average QB
____________
PA2 - PA1
-----------
average PA |
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Term
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Definition
ΔQ/(average Q)
=-------------
ΔP/(average P) |
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Term
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Definition
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Term
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Definition
= Total Costi - Total Costi-1
----------------------
Qi - Qi-1 |
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