Theme 1 calculations (business)

• Market size


  number of units sold x price
• Market share


  (Sales of one firm/total market sales) x 100
• Percentage change


  (new-old/old) x 100
• Market growth


  Original market x % of growth (e.g. 20% as 1.2)
• PED (Prise Elasticity of Demand)


  %change in quantity demanded / % change in price

  
  

  (less than 1 = inelastic) (1+ = elastic)
• YED (Income Elasticity of Demand)


  % change in quantity demanded / % change in income

  
  

  (negative = inferior) (0-1 = normal) (1+ = luxury)