Formulas Theme 1 Flashcards
1
Q
Market share formula
A
(Sales of a product or business/ total market sales) x 100
2
Q
Price elasticity of demand formula
A
% change in quantity demanded / % change in price
3
Q
Income elasticity of demand formula
A
% change in quantity demanded/ % change in income
4
Q
% mark up calculation
A
Selling price-unit cost / unit cost * 100
