Formulas Flashcards
Elasticity of Demand
% change in in quantity demanded
__________________
% change in price
Market Share
sales of a business
______________ X100
Total sales in Market
Break even output
Fixed costs
______________
Selling price - variable cost per unit
Break even price
Total cost
_________
Output
Total Cost
Fixed cost + Variable cost
Average cost
Total cost
___________
Output
Average fixed cost
Total fixed cost
____________
Output
Average Variable cost
Total variable cost
_______________
Output
Revenue
Selling price X quantity sold
Profit
Total revenue - total cost
Contribution per unit
Selling price - variable cost per unit
Total contribution
Total revenue - total variable cost
Market Share (%)
Sales of one product
______________ X100
Total market sales
Net Gain
Expected value - cost of decision
Market growth (%)
Change in the size of market
______________X100
Original size of market
