Supply Formulas

1. Total Revenue  = Price x Quantity 
2. Marginal Revenue  = New TR - Old TR 
3. Total Cost  = Total Fixed Cost + Total Variable Cost
4. Marginal Cost  = New TC - Old TC 
5. Average Fixed Cost  = TFC / Q  
6. Average Variable Cost = TVC / Q 
7. Average Total Cost  = AFC + AVC 
                                  =TC / Q