Paper 1 Formulas Flashcards

1
Q

Market share

A

Total sales of one firm x 100
Total market sales

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2
Q

Market size

A

?

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3
Q

PED

A

% change in QD
% change in price

more than 1 = elastic
Less than 1 = inelastic

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4
Q

YED

A

% a change in QD
% change in income

Less than 1 = normal good
More than 1 = luxury goods
-number = inferior good

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