econ equations better

Question 1

what is the equation for P in a cournot oligopoly

Answer 1

a+n(mc)//n+1
a = constant

Question 2

what is the equation for Q in a cournot oligopoly

Answer 2

a-(mc)//b(n+1)
a = constant
b = slope

Question 3

what is the equilibrium q for the leader in a stackelberg oligopoly

Answer 3

a-(mc)//2b
a=constant
b=slope

Question 4

when does a consumer maximise utility whilst remaining within the budget constraint

Answer 4

Px/Py = MUx//MUy

Question 5

what is the equation for MRS (the slope of the indifference curve)

Answer 5

-MUx/MUy = DY/DX = MRS

Question 6

what is the budget constraint function

Answer 6

Y = PyY + PxX

Question 7

what is APL

Answer 7

APL = q/L

Question 8

what is MPL

Answer 8

MPL = change in Q//Change in L

Question 9

what is the MPL of the douglas cobb function

Answer 9

aq/L = aAPK

Question 10

what is the MPK of the douglas cobb function

Answer 10

bq/K = bAPK

Question 11

what are 3 ways to calculate MC

Answer 11

MC = change in VC// change in Q
MC = w(change in labour// change in Q)
MC = w/MPL

Question 12

what are two ways to calculate AVC

Answer 12

AVC = wL//q
AVC = w/APL

Question 13

what is the last dollar rule and the function

Answer 13

when the last dollar spent on capital adds as much value as the last dollar spent on labour

MPL/w = MPR/r

Question 14

what is the MRTS and two ways to calculate it

Answer 14

slope of the isoquant, how easily you can sub L,K

MRTS = -w/r = -MPL/MPK

Question 15

what is the cist function

Answer 15

C = wL + rK

Question 16

what is the tax incidence

Answer 16

change in P//change in T

Question 17

MR =

Answer 17

PQ

Question 18

equation for profit including P,MC,q

Answer 18

prof = (P1-MC1)q1

Question 19

what is marginal rate of transformation and the equation

Answer 19

rate at which one good must be sacrificed to produce an additional unit of another good

-MCx//MCy

Question 20

what is the equation for economic efficiency

Answer 20

MRT = MRS = Px/Py

Question 21

what is MRPL and the equation

Answer 21

additional revenue a firm earns from employing one more unit of labour

MR x MPL

Question 22

what is the hiring decision for MRPL

Answer 22

hire until MRPL = W

Question 23

what is a weird condition of equilibrium in perfect competition

Answer 23

P = MC = ATC

Question 24

what is an equation for marginal expenditure

Answer 24

ME-w//w = 1/elasticity of supply

Question 25

what is the equation for residual elasticity of supply

Answer 25

n/x - e(1-x//x)

Question 25

what is another way to represent the MRTS of the douglas cobb function

Answer 25

-a/b * K/L

Question 25

what is the formula for MR using P and E

Answer 25

MR = P(1+1/E)

Question 25

what is the labour equilibrium in a compet market

Answer 25

MRPL = P*MPL = W

Question 25

how do you calculate DWL

Answer 25

0.5*change in price*change in q (change in p and q between compet equilibrium and monopoly equilibrium)

Question 25

what is the labour equilibrium in a monopoly market

Answer 25

w = MR*MPL = MRPL

Question 25

when is there an effective product mix

Answer 25

MRS = MRT = -Px/Py

Question 25

where is the optimal point on endowment curves

Answer 25

MRSa = MRSb

Question 26

what is the equation for a smooth PPF

Answer 26

-MCx/MCy