[table] Concept | Formula | Explanation Output | Blank 1 Question 1 TR−(Explicit+Implicit Costs)TVC TFC Q | Number of units produced (e.g. bottles of beer per hour) Total Fixed Costs | Blank 2 Question 1 TR−(Explicit+Implicit Costs)TVC TFC Q | Costs that do not change with output (e.g. rent of the factory) Total Variable Costs | Blank 3 Question 1 TR−(Explicit+Implicit Costs)TVC TFC Q | Costs that change with output (e.g. wages, raw materials, machine hire) Total Costs (TC) | Blank 4 Question 1 TC ÷ QTFC + TVCΔTC ÷ ΔQ or Δ in TC | The total cost of production Average Cost (AC) | Blank 5 Question 1 TC ÷ QTFC + TVCΔTC ÷ ΔQ or Δ in TC | Cost of producing each unit Marginal Cost (MC) | Blank 6 Question 1 TC ÷ QTFC + TVCΔTC ÷ ΔQ or Δ in TC | Extra cost of producing one more unit Marginal Product (MP) | Blank 7 Question 1 TR−Explicit Costs(P − AC) × QΔTR÷ΔQorΔTRPrice x QuantityΔOutput ÷ ΔInputorΔTR | The extra output gained from employing one more unit of input (e.g. one more worker) Total Revenue (TR) | Blank 8 Question 1 TR−Explicit Costs(P − AC) × QΔTR÷ΔQorΔTRPrice x QuantityΔOutput ÷ ΔInputorΔTR | Total money earned from sales Marginal Revenue (MR) | Blank 9 Question 1 TR−Explicit Costs(P − AC) × QΔTR÷ΔQorΔTRPrice x QuantityΔOutput ÷ ΔInputorΔTR | Extra revenue earned from selling one more unit Accounting Profit | Blank 10 Question 1 TR−Explicit Costs(P − AC) × QΔTR÷ΔQorΔTRPrice x QuantityΔOutput ÷ ΔInputorΔTR | Profit that only includes actual money payments made by the firm Economic Profit (π) | Blank 11 Question 1 TR−(Explicit+Implicit Costs)TVC TFC Q | Profit after including both explicit (money) and implicit (opportunity) costs Economic Profit (π) | Blank 12 Question 1 TR−Explicit Costs(P − AC) × QΔTR÷ΔQorΔTRPrice x QuantityΔOutput ÷ ΔInputorΔTR | Profit after including both explicit (money) and implicit (opportunity) costs [/table]Multiple dropdown selections