ECONOMATRICS

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1)To find MC(Marginal Cost) when
TC (Total Cost) is  given:

MC=d(TC)/dQ

2)To find TC(Total Cost) when
MC (Marginal Cost) is given:

TC= ∫ MC dQ

3)To find MR(Marginal Revenue) when TR (Total Revenue) is  given:

MR=d(TR)/dQ

4)To find TR(Total Revenue) when
MR(Marginal Revenue) is given:

TR= ∫ MR dQ


5)Average Revenue (AR)
AR=TR/Q (when TR is given)
   
6) Average Cost (AC)
AC=TC/Q (when TC is given)

So,
 TR=(AR X Q)...when AR is given.
 TC=(AC X Q)...when AC is given.

7) TR=pXq
Total Revenue= (Price Multipled by Quantity).

Suppose,you have to find profit and only TC is given,with quantity and price;then first find TR by the above formula.
Now, profit= Total Revenue Minus Total Cost.
The sign used for profit in Economics is pie (π).
So,
π= (TR-TC)

Note: Variables might be capital Q, small q, Capital X, small x and so on. We have to differentiate, integrate or divide in accordance to the alphabets and high-case/lower-case alphabets used as variables.

If,unlike the above,TR is x,then MR will be calculated taking into account x,and not the general q/Q.


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