paper 1 (theme 1 & 4) Flashcards
1
Q
market share
A
(sales of business / total sales in market) x 100
2
Q
price elasticity of demand (PED)
A
% change in quantity demanded / % change in price
3
Q
percentage change
A
final - initial / initial x 100
4
Q
income elasticity of demand (YED)
A
% change in quantity demanded / % change in income
5
Q
cost plus pricing
A
cost per product + (mark up x unit cost)
