theme 1 formulas
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8 Terms
1
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Added value
Selling price - cost of inputs - cost of transformation
2
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Income elasticity of demand
% change is quantity demanded ÷ % change in income
3
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% change
Original figure - new figure ÷ original figure x 100
4
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Market growth
Change in size of market ÷ original size x 100
5
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Market share
Sales of a firm ÷ total sales in the market x 100
6
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Market size
Number of units sold x price
7
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Price elasticity of demand
% change in quantity demanded ÷ % change in price
8
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Profit
Total revenue - total costs
Note 
Flashcards (61)