Important Microeconomic Formulas Total Product = Quantity (Q) Average Product (AP) = Total Product (Q) / Labour (L) Marginal Product (MP) = Δ Total Product / Δ Labour Profit = ...
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...Important microeconomic formulas total product quantity q average ap labour l marginal mp profit revenue tr costs tc cost x price p fixed tfc variable tvc ac afc avc ar demand dd mr mc mrp resource mrc maximizing employment rule elasticity avg i o inelastic unitary elastic income inferior normal cross complement substitute maximization level breakeven point shutdown key steps to analysis find from go up the curve draw rectangle between loss...