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Cards (31)
Total Cost
Total fixed cost
+
total variable cost
Total cost
Average
cost x
qty
Average cost
Total cost /
qty
Average fixed cost
Total fixed cost
/
qty
average
variable
cost
Average cost
/ average
fixed
cost
Marginal cost
change in total cost / change in
qty
Total
revenue
price x quantity
average revenue
change in total
revenue
/
quantity
Marginal revenue
change in total
revenue
/
change
in quantity
Total product
AP x Q(L)
subnormal profit
TR
<
TC
Profit
max
MC =
MR
Revenue Max
MR =
0
Sales max
AR
=
AC
Allocative efficiency
D = S,
P
=
MC
Productive efficiency
Minimum
point on
AC
curve
x -
efficiency
On
average cost curve
at
any quantity
Dynamic efficiency
Long run supernormal profits
re-invested
Minimun efficient scale =
Minimum output where all
EOS
are
exploited
Shutdown condition
AR =
AVC
Concentration
ratio
n :
market share
Total utility
Average
utility x
Qty
average utility
total utility /
Qty
Marginal utility
change in total utility / change in quantity
Utility maximisation
Marginal
utility = 0 or MU =
P
Price elasticity of
demand
% change in
quantity
demanded / % change in
price
Price elasticity of supply(PES)
% change in quantity
supplied
/ % change in price
cross elasticity of
demand
% change in quantity demanded of good A / % change in
price
of good b
Income elasticity of demand (
YED
)
% change in quantity
demanded
/ % change in
income
% change
difference /
original
x 100
Index
number
Raw
number /
Base
year
raw
number x 100
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