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SOE Formulas
N/A
22
Economics
10/28/2011
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Term
Slope of a Curve
 Definition
The vertical difference between two points divided by the horizontal difference: Rise/Run
Term
Percentage Change
 Definition

(New value)-(initial value) 

(Initial Value)

 

X

100

 

 

         
Term
Price Elasticity of Demand
 Definition
Term
Percent change with initial Value
 Definition

Y1- Y2/ Y1

 

x 100
Term
Percentage change with Midpoint Method
 Definition
Term
Total Revenue
 Definition
Price Per Unit x Quantity sold
Term
Price Elasticity along a linear demand curve
 Definition
Term
Income Elasticity of Demand
 Definition
Term
Cross Price elasticity of Demand
 Definition
Term
Price elasticity of supply
 Definition
Term
Inelastic Supply
 Definition
Term
Elastic Supply
 Definition
Term
Percentage change in equilibrium price
 Definition
Term
Economic Profit
 Definition
total revenue - economic cost
Term
Accounting profit
 Definition
total revenue - accounting cost
Term
Total Cost
 Definition
Fixed cost + Variable cost
Term
Average Fixed Cost
 Definition
Fixed Cost/Quantity Produced
Term
Average Variable Cost
 Definition
Variable Cost/Quantity
Term
Average Total Cost
 Definition
AFC + AVC
Term
Marginal Cost
 Definition
Change in total cost/change in output
Term
Operate if
 Definition
total revenue > variable cost
or
Price > average variable cost
Term
Shut Down if
 Definition
total revenue < variable cost
or
price < average variable cost