The document provides a summary of formulas and terms for calculating costs and revenues for a company over multiple levels of output. It includes formulas for total revenue, marginal revenue, total variable cost, total cost, marginal cost, and profit. Tables are presented showing outputs, prices, revenues and costs at different levels of production. Formulas are also provided for calculating these values based on information typically given in problems, such as units of labor used, output quantities, and prices.
The document provides a summary of formulas and terms for calculating costs and revenues for a company over multiple levels of output. It includes formulas for total revenue, marginal revenue, total variable cost, total cost, marginal cost, and profit. Tables are presented showing outputs, prices, revenues and costs at different levels of production. Formulas are also provided for calculating these values based on information typically given in problems, such as units of labor used, output quantities, and prices.
The document provides a summary of formulas and terms for calculating costs and revenues for a company over multiple levels of output. It includes formulas for total revenue, marginal revenue, total variable cost, total cost, marginal cost, and profit. Tables are presented showing outputs, prices, revenues and costs at different levels of production. Formulas are also provided for calculating these values based on information typically given in problems, such as units of labor used, output quantities, and prices.