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Econ Equations for Test 3

Econ Equations for Test 3 - Marginal Cost = Change in Total...

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Key Equations Profit = Total revenue – Total cost = (price – cost)*quantity Total Costs = Total Fixed Costs + Total Variable Costs Average Cost = Cost/Quantity
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Unformatted text preview: Marginal Cost = Change in Total Cost/ Change in Quantity Marginal Product = Change in output/ Change in input...
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