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Micro Economics - 2.0 > 3.3.1 > Flashcards

3.3.1 Flashcards

1
Q

Formula for total revenue

A

Price X Quantity

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2
Q

Formula for average revenue

A

Total revenue / Output

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3
Q

What’s marginal revenue?

A

The addition to total revenue from each additional sale of a unit

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4
Q

What’re the steps to calculate price elasticity of demand and its relationship to revenue?

A
  • Calculate the percentage change in price
  • Times the percentage change by the PED

Then you can work out the change in total revenue.

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Micro Economics - 2.0 (36 decks)

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