Micro Formulas Flashcards
1
Q
Ratio of Opportunity Cost
A
other good
good
2
Q
Demand/Supply Curve
A
Demand: intercept - (slope x price)
Supply: intercept + (slope x price)
3
Q
PED/S
A
% change Q
% change P
4
Q
YED
A
% change Q Demanded
% change Income
5
Q
Marginal Product
A
Slope of Total Product
6
Q
Average Product
A
Total Product
Variable Input
7
Q
Economic Costs
A
Implicit (Opportunity) + Explicit
8
Q
Average Costs
A
Total Costs
Output
or
Average Fixed + Average Variable
9
Q
Average Variable Costs
A
Total Variable Costs
Output
10
Q
Total Revenue
A
Price x Quantity
11
Q
Marginal Revenue
A
Change Total Revenue
Change Output
12
Q
Profit
A
Total Revenue - Total Economic Costs
13
Q
Total Costs
A
Total Fixed + Total Variable
or
Average Costs*Quantity
14
Q
Total Fixed
A
Average Fixed Costs x Quantity
15
Q
Average Revenue (Price)
A
Total Revenue
Quantity Sold
