formulas
Call Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt Play1/12
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No analytics yet
Send a link to your students to track their progress
13 Terms
revenue
quantity demanded x price sold
consumer surplus
the area under the demand curve and above the market price
producer surplus
the area above the supply curve and below the current market price
price elasticity of supply (PES)
% change in the quantity supplied/% change in price
price elasticity of demand (PED)
% change in quantity demanded/% change in price
cross elasticity of demand (XED)
% change in quantity demanded (good A) / % change in price (good B)
fill in
social cost
private cost + external cost (negative externality)
social benefit
private benefit + external benefit (positive externality)
net social benefit
social benefit - social cost
MSC (marginal social cost)
MSB (marginal social benefit)
extra cost to society of producing/consuming one extra unit
extra benefit to society of producing/consuming one extra unit
marginal private cost + marginal external cost
marginal social benefit + marginal external benefit
