Formulas! Flashcards
1
Q
TB
A
sum of MB
2
Q
TC
A
sum of MC
3
Q
NB
A
TB-TC
4
Q
Opportunity cost
A
OC(gained)= given up/gained
5
Q
CS
A
1/2bh
6
Q
TS
A
CS+PS
7
Q
Elasticity
A
(% change in Q/% change in P)
8
Q
Crossprice elasticity
A
% change in Q of x/% change in P of y
9
Q
Income elasticity
A
% change in Q/% change in income
10
Q
Rational Spending Rule
A
(MUx/Px) = (MUy/Py)
11
Q
(perf comp) TC
A
FC + VC
12
Q
(perf comp) TR
A
PPD * 10
13
Q
(perf comp) profit
A
TR-TC
14
Q
(perf comp) ATC
A
TC/Q
15
Q
(perf comp) AVC
A
VC/Q
