Unit 4 Flashcards
1
Q
Formula for revenue
A
Quantity x price
1
Q
Equilibrium
A
Qd = Qs
2
Q
Average cost
A
Total cost / number of goods a unit produced
3
Q
Profit
A
Total revenue - total expenses
4
Q
Marginal utility
A
Total utility - the previous total utility
5
Q
Marginal cost
A
Change in cost / change in quantity
6
Q
Price ratio
A
Price a / price b
7
Q
Marginal rate of substitution
A
Marginal utility of good a / marginal utility of good b
