Micro

    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
    See similar decks