Theme 1 Formulas Flashcards
1
Q
Market size (1)
A
Adding together the number of items sold by all the different firms operating in a particular market
2
Q
Market size (2)
A
Adding together the sales revenue of all the different firms operating in a particular market
3
Q
Market Share (%)
A
The Products or Firms Sales ÷ Total Market Sales
4
Q
Added Value
A
Price - Raw Materials
5
Q
% Change
A
New Value - Original Value
————————————
Original Value
6
Q
Price Elasticity of Demand
A
% Change In Quantity Demanded
————————————%Change in Price
7
Q
Income Elasticity of Demand
A
%Change in Quantity Demanded
——————————
%Change in Income
8
Q
Cost Plus Pricing
A
Cost + %
