Theme 1 formulas

market share = (sales made by business / total sales in the market) x 100

market size = units sold x selling price

market size = revenue / market share

firm sales revenue = units sold x selling price

firm sales revenue = market size x market share

percentage change = difference / original value

price elasticity of demand (PED) = %change quantity demanded / %change price

income elasticity of demand (YED) = %change quantity demanded / %change income