question
Marginal Analysis Equation
answer
Marginal Benefit (MB) = Marginal Cost (MC)
question
Profit Equation
answer
= Revenue - Cost (of manufacturing/purchasing/etc)
question
Slope Equation
answer
ΔY / ΔX
question
Percent Change Equation
answer
(Value in the second period - Value in the first period) / Value in the first period x 100
question
Total Revenue Equation
answer
Total Revenue = Quantity x Price
question
Opportunity Cost Equation
answer
Opportunity Cost = The decrease of good B / the increase of good A
-Ex. if asked between cherries and apples to find the OC of apples, divide cherries / apples
-Ex. if asked between cherries and apples to find the OC of apples, divide cherries / apples
question
Market Equilibrium Equation
answer
Quantity Demanded = Quantity Supplied
question
Surplus Equation
answer
Quantity Supplied > Quantity Demanded
question
Shortage Equation
answer
Quantity Demanded > Quantity Supplied
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