question
price elasticity of demand
answer
Edp=%changeQ/%changeP
question
point elasticity
answer
E= dq/dp x p/q
question
arc elasticity
answer
E= [(Q2-Q1)/(Q2+Q1)/2]/[P2-P1/(P2-P1)/2]
question
Income Elasticity
answer
Ey= dQ/dY x Y/Q
question
cross price elasticity
answer
E= dQA/dPB x PB/QA
question
price elasticity of supply
answer
E= %changeQs/%changeP
question
Standard Error (SE)
answer
Low=good, High=bad
question
t-score
answer
/t/>=2 good, /t/<2 bad
question
p-value
answer
p-value <0.05 good, p-value>0.05 bad
question
production function short run
answer
Q=f(K,L) where K is fixed
question
production function short run
answer
Q=f(K,L) where K is flexible
question
average product of labor
answer
APL=Q/L
question
average product of capital
answer
APK = Q/K
question
Marginal Product of labour
answer
MPL=dQ/dL, keeping K fixed
question
Marginal product of capital (Short run)
answer
MPK=dQ/dK, keeping L fixed
question
Cobb-Douglas production function
answer
Q=AKaLb
question
opportunity cost=
answer
explicit cost + implicit cost
question
Economic Profit =
answer
Revenue - opportunity costs
question
AVC=
answer
VC/Q
question
AFC= (not available in short run)
answer
F/Q
question
Total Cost (TC)=
answer
VC+F (fixed cost)
question
average total cost AC=
answer
TC/Q= VC/Q+F/Q= AFC+AVC
question
marginal cost=
answer
dTC/dQ (inverse demand curve)
question
Profit Function
answer
Total profit (pi sign)q= TR(q) - TC(q)
question
TR=
answer
P x Q
question
MC is at its minimum
answer
MC=AC
question
MR=
answer
dTR/dQ
question
Profit Maximizing Rule
answer
MR=MC
question
MC=
answer
dTC/dQ
question
CS=
answer
WTP-P
question
PS=
answer
P-WTS
question
TS=
answer
CS+PS
question
MR=
answer
Demand curve double slope
question
Cournot Duopoly Shortcut for P
answer
P=a+2c/3
question
Cournot Duopoly Shortcut for Q
answer
Q=2(a-c)/3b
Order an Essay Now & Get These Features For Free:
Turnitin Report
Formatting
Title Page
Citation
Outline
