Economic Math Equations

Card Set Information

Author:
Christianeib313
ID:
177070
Filename:
Economic Math Equations
Updated:
2012-10-11 17:02:10
Tags:
Econ math
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Description:
Math for econ 20
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  1. Marginal Physical Product? (MPP)
    Change in Total output divided by change in total quantity
  2. Profit
    Total Revenue - Total Cost
  3. Marginal Cost 
    Change in total cost divided by change in total output
  4. Price elasticity of demand
    % change in quantity divided by % change in price
  5. Total Revenue
    Price of a product x Quantity sold

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