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Economics Key Microeconomic Formulas

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123 views1 page

Economics Key Microeconomic Formulas

Uploaded by

IDK
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We take content rights seriously. If you suspect this is your content, claim it here.
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Economics: Key Microeconomic Formulas

Economics: Key Microeconomic Formulas

1. Price Elasticity of Demand (PED):

PED = (% Change in Quantity Demanded) / (% Change in Price)

2. Total Revenue (TR):

TR = Price × Quantity

3. Marginal Cost (MC):

MC = ?TC / ?Q

(Change in Total Cost / Change in Quantity)

4. Average Cost (AC):

AC = TC / Q

Tip:

Draw graphs to visualize economic concepts.

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