ECON1101 - Equations
(1)
\begin{align} \text{Average Variable Cost } = \frac{\text{Total Variable Cost}}{\text{Total Product}} \text{Average Fixed Cost } = \frac{\text{Total Fixed Cost}}{\text{Total Product}} \text{Average Cost } = \frac{\text{Total Cost}}{\text{Total Product}} \text{Marginal Cost Per Product }= \frac{\text{Marginal Cost for Variable Inputs}}{\text{Marginal Product}} \end{align}