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FORMULA DRILL MICRO ECONOMICS
PROFIT MAXIMSATION
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Where the difference between TR and TC is at its largest OR MC=MR
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NORMAL PROFIT
AC=AR or TR=TC
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Price elasticity of demand
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% change in Qd /%change in price
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Total revenue
Price X per unit sold (q)
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Income elasticity of demand
% change in D/ % change in Y
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Price elasticity of supply
% change in Qs/ % change in P
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Cross Elasticity of demand
% change in demand for good X/ % change in price of good Y
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Allocative efficiency
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P = MC
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ATC X Q =
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TC (total cost)
TC - TVC =
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TFC (total fixed costs)
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The sum total oF MC =
TVC
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TFC + TVC =
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TC
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AVC X Q =
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TVC
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Marginal revenue
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change in TR/ change in output
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Sales maximsation
ATC=AR
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AC > AR =
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LOSS
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Average cost pricing
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Set the price where AC=AR
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Marginal cost pricing
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Set the price where MC = P
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Unit or average cost
TC/Q or AFC + AVC
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change in revenue / change in output
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MR
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lowest point on the AC curve
Productive efficiency
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Revenue maximisation
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MR = 0
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PED > 1
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elastic PED
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percentage change formula
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New - old/ old X 100
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ATC = AR
SALES MAXIMISATION NORMAL PROFIT
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Revenue Maxximisation
MR=0
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