Business formulas (theme 1)

Question 1

What’s the formula for market share?

Answer 1

Businesses sales / sales in market x 100

Question 2

What’s the formula for market growth?

Answer 2

Difference in market size / original market size x 100

Question 3

What’s the formula for price elasticity of demand?

Answer 3

% Change in quantity demanded / % change in price

Question 4

What’s the formula for income elasticity of demand?

Answer 4

% change in quantity demanded / % change in income