Microeconomics

• Income elasticity of demand:

  YED = % change in Qd / % change in Y
• Price elasticity of supply:

  PE of supply = % change in quantity supplied / % change in price
• Cross elasticity of demand:

  = % change in Qd of good A / % change in P of good B
• Tax revenue:

  = tax per unit x quantity sold
• Price elasticity of demand:

  = % change in Qd / % change in P
• Total cost:

  = total fixed costs + total variable costs
• Average cost:

  = total cost / output
• Marginal cost:

  = change in total cost/ change in output