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Business Economics + Business & Commercial Knowledge

Ch 2 · Theory of Production and Cost

5 concept points · 5 formulas · 4 exam-critical points.

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Concept
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Chart Summary
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Formula Sheet
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Important Points

🧮 Formula sheet

  1. 1.Average Product (AP) = TP / L
  2. 2.Marginal Product (MP) = ΔTP / ΔL
  3. 3.Total Cost (TC) = TFC + TVC
  4. 4.Average Cost (AC) = TC / Q
  5. 5.Marginal Cost (MC) = ΔTC / ΔQ

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