Economics Flashcards
1
Q
Income Elasticity
A
%change in quantity demanded/%change in price
2
Q
Own Price Elasticity
A
%Change in quantity demanded/%change in price
3
Q
Total Revenue
A
=Price x quantity, summed across all units sold
4
Q
Average Revenue
A
Total Revenue / Quantity Sold
5
Q
Marginal Revenue
A
Change in Total Revenue / Change in Quantity Sold
6
Q
Total Foxed Costs
A
Costs that so not vary with output in the short run.
7
Q
Total Variable Costs
A
Costs that vary with output.
8
Q
Total Cost
A
Total Fixed Costs + Total Variable Costs
9
Q
Average Total Cost
A
Total Cost / Output
10
Q
Average Fixed Cost
A
Total Fixed Cost / Output
11
Q
Average Variable Cost
A
Total Variable Cost / Output
12
Q
Marginal Cost
A
Change in Total Cost / Change in Output
13
Q
Breakeven
A
Total Revenue = Total Cost
14
Q
Operate in Short Run if:
A
TR TVC
15
Q
Shut Down in short run if:
A
TR
