micro economics equations Flashcards
(63 cards)
1
Q
Marginal utility
A
∆TU / ∆Q
2
Q
Price elasticity of demand (PED)
A
%∆Qd / %∆P
3
Q
Income elasticity of demand (YED)
A
%∆D / %∆Y
4
Q
Cross elasticity of demand (XED)
A
%∆QdA / %∆PB
5
Q
Price elasticity of supply (PES)
A
%∆Qs / %∆P
6
Q
Marginal social benefit (MSB)
A
MPB + MEB
7
Q
Marginal social cost (MSC)
A
MPC + MEC
8
Q
Profit
A
Total Revenue – Total Costs
9
Q
Total revenue (TR)
A
Price × Quantity
10
Q
Profit per unit
A
AR – AC
11
Q
Change in total utility (∆TU)
A
MU × ∆Q
12
Q
Change in quantity (∆Q)
A
∆TU / MU
13
Q
%∆Qd
A
PED × %∆P
14
Q
%∆P (from PED)
A
%∆Qd ÷ PED
15
Q
%∆D
A
YED × %∆Y
16
Q
%∆Y
A
%∆D ÷ YED
17
Q
%∆QdA
A
XED × %∆PB
18
Q
%∆PB
A
%∆QdA ÷ XED
19
Q
%∆Qs
A
PES × %∆P
20
Q
%∆P (from PES)
A
%∆Qs ÷ PES
21
Q
MPB
A
MSB – MEB
22
Q
MEB
A
MSB – MPB
23
Q
MPC
A
MSC – MEC
24
Q
MEC
A
MSC – MPC
25
TR
Profit + Total Costs
26
Total Costs (TC)
TR – Profit
27
Price
TR / Q
28
Quantity (Q)
TR / Price
29
Average revenue (AR)
TR / Q
30
AR (rearranged)
Profit per unit + AC
31
AC
AR – Profit per unit
32
Marginal revenue (MR)
∆TR / ∆Q
33
Total cost (TC)
TVC + TFC
34
Average total cost (ATC)
TC / Q
35
Average fixed cost (AFC)
TFC / Q
36
Average variable cost (AVC)
TVC / Q
37
Average product (AP)
Total Output / Number of Workers
38
Marginal cost (MC)
∆TC / ∆Q
39
Marginal revenue product of labour (MRPL)
MPP × Price
40
Wage elasticity of demand for labour (WEDL)
%∆QLD / %∆W
41
Wage elasticity of supply of labour (WESL)
%∆QLS / %∆W
42
TR
AR × Q
43
Q (from AR)
TR / AR
44
∆TR
MR × ∆Q
45
∆Q (from MR)
∆TR / MR
46
TVC
TC – TFC
47
TFC
TC – TVC
48
TC (rearranged)
ATC × Q
49
Q (from TC)
TC / ATC
50
TFC (rearranged)
AFC × Q
51
Q (from TFC)
TFC / AFC
52
TVC (rearranged)
AVC × Q
53
Q (from TVC)
TVC / AVC
54
Total Output
AP × Number of Workers
55
Number of Workers
Total Output / AP
56
∆TC
MC × ∆Q
57
∆Q (from MC)
∆TC / MC
58
MPP
MRPL / Price
59
Price (from MRPL)
MRPL / MPP
60
%∆QLD
WEDL × %∆W
61
%∆W (from WEDL)
%∆QLD ÷ WEDL
62
%∆QLS
WESL × %∆W
63
%∆W (from WESL)
%∆QLS ÷ WESL
