✅ List of Abbreviations Used in Economics ✅️

📍Unit 1. Introduction

PPF: Production Possibility Frontier
PPS: Production Possibility Set
PPC: Production Possibility Curve
IC: Indifference Curve

📍Unit 2. Consumer’s Equilibrium and Demand

MRS: Marginal Rate of Substitution
MRT: Marginal Rate of Transformation
TU: Total Utility
MU: Marginal Utility
ED: Elasticity of Demand
ES: Elasticity of Supply

📍Unit 3. Producer Behaviour and Supply

TP:  Total Product
AP:  Average Product
MP:  Marginal Product
TC:  Total Cost
TVC:  Total Variable Cost
TFC:  Total Fixed Cost
MC:  Marginal Cost
SAC:  Short-Run Average Cost
SMC:  Short-Run Marginal Cost
AFC:  Average Fixed Cost
AVC:  Average Variable Cost
LRAC:  Long-Run Average Cost
LRMC:  Long-Run Marginal Cost
RTS:  Returns to Scale
IRS:  Increasing Returns to Scale
CRS:  Constant Returns to Scale
DRS:  Diminishing Returns to Scale
TR: Total Revenue
AR: Average Revenue
MR:  Marginal Revenue
MRPL: Marginal Revenue Product of Labour
VMPL: Value Marginal Product of Labour

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