Term
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Definition
| The vertical difference between two points divided by the horizontal difference: Rise/Run |
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Term
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Definition
(New value)-(initial value)
(Initial Value)
X
100
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Term
| Price Elasticity of Demand |
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Definition
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Term
| Percent change with initial Value |
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Definition
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Term
| Percentage change with Midpoint Method |
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Definition
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Term
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Definition
| Price Per Unit x Quantity sold |
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Term
| Price Elasticity along a linear demand curve |
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Definition
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Term
| Income Elasticity of Demand |
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Definition
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Term
| Cross Price elasticity of Demand |
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Definition
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Term
| Price elasticity of supply |
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Definition
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Term
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Definition
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Term
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Definition
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Term
| Percentage change in equilibrium price |
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Definition
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Term
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Definition
| total revenue - economic cost |
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Term
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Definition
| total revenue - accounting cost |
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Term
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Definition
| Fixed cost + Variable cost |
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Term
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Definition
| Fixed Cost/Quantity Produced |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| Change in total cost/change in output |
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Term
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Definition
total revenue > variable cost
or
Price > average variable cost |
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Term
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Definition
total revenue < variable cost
or
price < average variable cost |
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