Year 1 microeconomics equations

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Microeconomics

A-Level Economics

Edexcel

Last updated 8:40 AM on 5/21/26
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10 Terms

1
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Price elasticity of demand

PED= percentage change in quantity demanded/ percentage change in price

<p>PED= percentage change in quantity demanded/ percentage change in price</p>
2
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Income elasticity demand

YED=%change in demand/ % change in income

<p>YED=%change in demand/ % change in income</p>
3
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cross elasticity of demand

XED = % change in quantity demanded of good A/ % change in price of good B

<p>XED = % change in quantity demanded of good A/ % change in price of good B</p>
4
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Price elasticity of supply

%change in quantity supplied/ price

<p>%change in quantity supplied/ price</p>
5
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MSB

= Marginal private benefit + marginal external benefit

<p>= Marginal private benefit + marginal external benefit</p>
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marginal social cost

= marginal private cost + Marginal external cost

<p>= marginal private cost + Marginal external cost</p>
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Profit

= total revenue - total cost

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Revenue

TR = Price x quantity

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negative externality

MSC > MPC

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Positive externality

MSB > MPB