MRS: marginal substitution rate of goods L: labor K: capital TP: total output AP: average output MP: marginal product MRTS: marginal substitution rate of technology C: cost STC: short-term total cost.
TFC: never become this TVC: total variable cost TC: total cost AFC: don't become this AVC on average: average variable cost.
AC: average total cost MC: marginal cost LTC: long-term total cost LAC: long-term average cost SAC: short-term average cost
LMC: long-term marginal cost SMC: short-term marginal cost TR: total income AR: average income MR: marginal income PS: producer surplus MP: marginal product VMP: marginal product value W: labor price MRP: marginal income product MFC: marginal factor cost R: interest rate PEP: price inflation line.
Microscopically, there are only two formulas, that is, d(U)/d(X)=0 in the utility theory.
However, dπ/dl = 0(dk is the time to find k) in the production theory, and all the consensus is derived from these two formulas with different conditions.
Now you don't have to ask what these letters mean.
U utility, x product (x 1, x2. . . . . Xn), π profit, L labor force, K capital
D- demand, S- supply, Q- output, P- price, E- equilibrium, U- utility, M- margin, R- substitution, A- average, T- aggregate.
TFC: fixed total cost
TVC: variable total cost TC: total cost
AC: average cost
AFC: average fixed cost
Average variable cost
Marginal cost TP: total output
AP: average output
marginal product
marginal revenue
AR: average income TR: total income
AC: average cost TC: total cost