More creations to inspire you
Transcript
FORMULA DRILLMICRO ECONOMICS
Start
01
I knew it! Let's move forward
I didn't know... Let's do it again
PROFIT MAXIMSATION
01
I knew it! Let's move forward
I didn't know... Let's do it again
Where the difference between TR and TC is at its largest ORMC=MR
NORMAL PROFIT
Flip card
01
02
I knew it! Let's move forward
I didn't know... Let's do it again
Let's startthe deck again
AC=ARorTR=TC
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
Price elasticity of demand
Flip card
02
01
I knew it! Let's move forward
I didn't know... Let's do it again
% change in Qd /%change in price
Total revenue
Flip card
02
01
I knew it! Let's move forward
I didn't know... Let's do it again
Price X per unit sold (q)
Income elasticity of demand
Flip card
02
01
I knew it! Let's move forward
I didn't know... Let's do it again
% change in D/ % change in Y
Price elasticity of supply
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
% change in Qs/ % change in P
Cross Elasticity of demand
Flip card
01
02
I knew it! Let's move forward
I didn't know... Let's do it again
% change in demand for good X/ % change in price of good Y
02
I knew it! Let's move forward
I didn't know... Let's do it again
Allocative efficiency
02
I knew it! Let's move forward
I didn't know... Let's do it again
P = MC
02
I knew it! Let's move forward
I didn't know... Let's do it again
ATC X Q =
TC (total cost)
Flip card
01
02
I knew it! Let's move forward
I didn't know... Let's do it again
TC - TVC =
02
I knew it! Let's move forward
I didn't know... Let's do it again
TFC (total fixed costs)
The sum total oF MC =
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
TVC
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
TFC + TVC =
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
TC
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
AVC X Q =
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
TVC
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
Marginal revenue
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
change in TR/ change in output
Sales maximsation
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
ATC=AR
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
AC > AR =
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
LOSS
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
Average cost pricing
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
Set the price where AC=AR
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
Marginal cost pricing
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
Set the price where MC = P
Unit or average cost
Flip card
02
01
I knew it! Let's move forward
I didn't know... Let's do it again
TC/Q or AFC + AVC
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
change in revenue / change in output
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
MR
lowest point on the AC curve
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
Productive efficiency
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
02
I knew it! Let's move forward
I didn't know... Let's do it again
Let's startthe deck again
Revenue maximisation
02
I knew it! Let's move forward
I didn't know... Let's do it again
MR = 0
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
PED > 1
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
elastic PED
REVIEW SHEET
Lorem ipsum dolor sit amet consecteteur adisciping
percentage change formula
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
New - old/ old X 100
ATC = AR
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
Let's startthe deck again
SALES MAXIMISATION NORMAL PROFIT
Revenue Maxximisation
Flip card
02
02
I knew it! Let's move forward
I didn't know... Let's do it again
Let's startthe deck again
MR=0