micro-economics v1.0.1
micro-economics
Node Module for Calculating Firm-Level Economics
Usage:
- Npm install micro-economics
- Require in your .js file
var firm = require('micro-economics');
Library Contains Methods For:
Average Total Cost
firm.averageTotalCost(totalCost, quantity);
Average Variable Cost
firm.averageVariableCost(totalVAriableCost, quantity);
Fixed Cost
firm.fixedCost(averageTotalCost, averageVariableCost);
Total Cost
firm.totalCost(averageVariableCost, averageFixedCost, quantity);
Total Variable Cost
firm.totalVariableCost(averageVariableCost, averageFixedCost, quantity);
Total Fixed Cost
firm.totalFixedCost(tocalCost, totalVariabelCost);
Marginal Cost
firm.marginalCost(totalCost1, totalCost2, output1, output2);
Marginal Product
firm.marginalProduct(totalProduct1, totalProduct2, varFactor1, varFActor2);
Marginal Revenue
firm.marginalRevenuet(totalRevenue1, totalRevenue2, output1, output2);
Average Product
firm.averageProduct(totalProduct, varFactor);
Total Revenue
firm.totalRevenue(price, quantity);
Average Revenue
firm.totalVariableCost(averageVariableCost, averageFixedCost, quanitity);
Total Product
firm.totalVariableCost(averageVariableCost, averageFixedCost, quanitity);
Glossary: 1. Average Total Cost (ATC) = Total Cost / Q (Output is quantity produced or ‘Q’) 2. Average Variable Cost (AVC) = Total Variable Cost / QAverage 3. Fixed Cost (AFC) = ATC – AVC 4. Total Cost (TC) = (AVC + AFC) X Output (Which is Q) 5. Total Variable Cost (TVC) = AVC X Output 6. Total Fixed Cost (TFC) = TC – TVC 7. Marginal Cost (MC) = Change in Total Costs / Change in Output 8. Marginal Product (MP) = Change in Total Product / Change in Variable Factor 9. Marginal Revenue (MR) = Change in Total Revenue / Change in Q 10. Average Product (AP) = TP / Variable Factor 11. Total Revenue (TR) = Price X Quantity 12. Average Revenue (AR) = TR / Output 13. Total Product (TP) = AP X Variable Factor 14. Average Product (AP) = TP / Variable Factor