Micro

• 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