theme 1 business formulas

• market share= (total sales of a product in a market/ total sales in all of the market) X 100
• Price elasticity of demand= Percentage change in quantity demanded/ percentage change in price
• percentage change=(new value- old value)/ old value X100
• Income elasticity of demand= percentage change in quantity demanded/ percentage change in income
• percentage mark-up= unit costs + mark up
• unit costs= total costs/ number of units