Formulae Flashcards
(7 cards)
1
Q
PED
A
% change in quantity demanded / % change in price
2
Q
YED
A
% change in demand / % change in income
3
Q
PE of supply
A
% change in quantity supplied / % change in price
4
Q
XED
A
% change in qd of good A / % change in price of good B
5
Q
Total costs
A
FC + VC
6
Q
Average costs
A
TC / Q
7
Q
Marginal costs
A
Change in TC / Change in Q
