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FORMULA REVISION DRILL

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FORMULA DRILLMICRO ECONOMICS

Start

MC=MR

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PROFIT MAXIMSATION

NORMAL PROFIT

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Where the difference between TR and TC is at its largest or AC=AR

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Price elasticity of demand

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% change in Qd /%change in price

Total revenue

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Price X per unit sold (q)

Income elasticity of demand

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% change in D/ % change in Y

Price elasticity of supply

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% change in Qs/ % change in P

Cross Elasticity of demand

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% change in demand for good X/ % change in price of good Y

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Allocative efficiency

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P = MC

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ATC X Q =

TC (total cost)

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TC - TVC =

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TFC (total fixed costs)

The sum total oF MC =

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TVC

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TFC + TVC =

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TC

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AVC X Q =

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TVC

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Marginal revenue

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change in TR/ change in output

Sales maximsation

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ATC=AR

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AC > AR =

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LOSS

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Average cost pricing

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Set the price where AC=AR

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Marginal cost pricing

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Set the price where MC = P

Unit or average cost

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TC/Q or AFC + AVC

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change in revenue / change in output

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MR

lowest point on the AC curve

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Productive efficiency

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Let's startthe deck again

Revenue maximisation

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MR = 0

MC = MR

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Profit maximisation

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PED > 1

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elastic PED

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percentage change formula

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New - old/ old X 100

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