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
Target rate of profict
Fixed cost + profit target
_____________________
contribution per unit
Break even price
Total cost
_________
Output
Selling price needed to reach target rate of profit
Profit target + Total Cots
____________________
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
Marginal Cost
Change in total cost
____________________
Change in output
Total 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
