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Utility Maximizing Rule
MUa/Pa=MUb/Pb
Percent Change
new # - old/old (100)
elasticity demand/supply
% change quantity / % change price
cross price elasticity
% change quantity x / % change quantity in price y
Income elasticity
% change in quantity / % change in income
Consumer Surplus
½ (base)(height)
marginal product
change in total product / change in inputs (labor)
Marginal Cost
change in total product / change in quantity
total cost
variable cost + fixed cost
average total cost
total cost / quantity
average variable cost
total variable cost / quantity
average fixed cost
total fixed cost / quantity
total revenue
price x quantity
profit
total revenue - total cost
profit maximizing rule
MR = MC
Least Cost Rule (effectiveness)
MPk/Pk = MPL/PL
marginal revenue product
change in revenue / change in inputs
MPP x PR
Marginal Factor Cost
Change in total cost / change in inputs
Note 
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