micro-economics

Node Module for Calculating Firm-Level Economics

Usage:

1. Npm install micro-economics
2. 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