The Unit Cost or Average Total Cost calculator computes the mean cost per good.
INSTRUCTIONS Choose currency units and enter the following:
- (TC) Total Costs
- (N) Quantity of Goods
Unit Cost: The calculator computes the Unit Cost (Average Total Cost) in U.S. dollars (USD). However, this can be automatically converted into other currencies via the pull-down menu.
Related Calculators:
- Average Variable Costs
- Average Fixed Costs
- Average Total Costs
- Observational Statistics (max, mean, median, mode, standard deviation, variance, sort).
This function is part of the Microeconomics Calculator and of the Production Calculator. The Microeconomics Calculator includes all of the standar formulas used in a first year microeconomics class. The Production Calculator computes the costs in capital and time related to producing or consuming commodities measured by units, length, area, volume or weight.
The Math / Science
Unit Cost or Average Total Cost is equal to total cost divided by the number of goods produced (the output quantity, Q). It is also equal to the sum of average variable costs (total variable costs divided by Q) plus average fixed costs (total fixed costs divided by Q). Average costs may be dependent on the time period considered (increasing production may be expensive or impossible in the short term, for example). Average costs affect the supply curve and are a fundamental component of supply and demand.
UNIT Production Calculators
- Time for Units: Computes time to process a number of units.
- Units over Time: Computes number of units processed over a period of time.
- Total Cost of Units: Computes total cost based on the number of units and the cost of a single unit.
- Unit Cost: Computes the Average Unit Cost.
- Variable Cost Rate: Variable cost of units including labor and materials.
- Variable Cost per Unit: Variable cost of units over two periods.
- Sell-Through Rate: Ratio of units sold verse received.
Production Calculator
The Production Calculator computes the cost in time or capital to buy, produce or consume commodities measured by number of units or by length, area, volume or weight. It provides automatic conversions between different units for time, length, area, volume, mass and up to date currency conversions between several international currencies.
PRICE or Production Time by UNITS
- Time for Units: Computes time to process a number of units.
- Units over Time: Computes number of units processed over a period of time.
- Total Cost of Units: Computes total cost based on the number of units and the cost of a single unit.
- Unit Cost: Computes the Average Unit Cost.
PRICE or Production Time by LENGTH
- Price per Length or Distance: Computes total cost for items measured by length or distance.
- Length over Time: Computes total length processed or traveled over time.
- Time for Length: Computes time required to process or travel length or distance based on a rate.
PRICE or Production Time by AREA
- Price per Area: Computes total cost for items measured by area.
- Area over Time: Computes the total area processed or traveled over time.
- Time for Area: Computes time required to process an area based at a rate.
PRICE or Production Time by VOLUME
- Price per Volume: Computes total cost for items measured by volume.
- Volume over Time: Computes total volume processed over time based a rate.
- Time for Volume: Computes time required to process a volume based at a rate.
PRICE or Production Time by WEIGHT or MASS
- Price per Weight or Mass: Computes total cost for items measured by weight or mass.
- Weight or Mass over Time: Computes total weight or mass processed over time based on a rate.
- Time for Weight or Mass: Computes time required to process a weight or mass based at a rate.
Amdahl's Law: Computes the speedup factor for a total task based on the speedup factor of a portion of the task and the percent of that portion in relation to the total task.
Resource:
- Mankiw, N. Gregory. "Chapter 13:The Various Measures of Cost."Principles of Microeconomics. 6th ed. Mason, OH: Thomson/South-Western, 2004. 265-68. Print.
- "Average Cost." Wikipedia. Wikimedia Foundation, n.d. Web. 30 May 2015.