Microeconomics Equations

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Description and Tags

Microeconomics

A-Level Economics

Edexcel

Equations

Year 1

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9 Terms

1
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Total Revenue (TR)

Price x Quantity

2
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Average Revenue (AR)

TR / Quantity

3
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Marginal Revenue (MR)

Change in TR / Change in Quantity

4
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Average Cost (AC)

Total Cost (TC) / Quantity

5
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Marginal Cost (MC)

Change in TC / Change in Quantity

6
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Profit

Total Revenue (TR) - Total Cost (TC)

7
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Price Elasticity of Demand (PED)

%Change in Quantity Demanded / %Change in Price

8
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Income Elasticity of Demand (YED)

%Change in Quantity Demanded / %Change in Income

9
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Price Elasticity of Supply (PES)

%Change in Quantity Supplied / %Change in Price