Theme 1 equations Flashcards
1
Q
% change in price
A
((new price - old price) / old price) x 100
2
Q
Market size
A
Number of units sold X price
3
Q
Market share
A
(sales of x / total sales in market) x 100
4
Q
Market growth
A
Change in size of market / original size X 100
5
Q
PED (price elasticity of demand)
A
% change in quantity demanded / % change in price
6
Q
YED (income elasticity of demand)
A
% change in quantity demanded / % change in income
7
Q
Cost plus
A
Variable cost per unit + a proportion of total cost + a percentage mark-up
