1
Q
Total cost equation
A
Total fixed costs + Total variable costs
2
Q
Total fixed costs equation
A
Total costs - Total variable costs = Average fixed costs x quantity
3
Q
Total variable costs equation
A
Total costs - Total fixed costs = Average variable costs x quantity
4
Q
Average costs formula
A
Total costs / quantity
5
Q
Marginal costs formula
A
Change in total costs / Change in quantity
6
Q
Total revenue formula
A
Price x Quantity
7
Q
Average revenue formula
A
Total revenue / quantity = (price x quantity) / quantity = price
8
Q
Marginal revenue formula
A
Change in total revenue / change in quantity
Economics A-Level Micro
flashcards
Decks in class (32)
# Cards
-
1) Economics as a social science3
-
2) Economic Data3
-
3) The economic problem5
-
4) PPF's3
-
5) Specialisation and the division of labour7
-
6) Types of Economy4
-
7) Rational decision making5
-
8) Demand4
-
9) PED8
-
10) YED and XED9
-
11) Supply8
-
12) Price determination3
-
13) Interrelationships between markets5
-
14) Indirect taxes and subsidies4
-
19) The price mechanism1
-
20) Types of market failure4
-
21) Externalities8
-
22) Information gaps4
-
23) Public and merit goods5
-
24) Government intervention in markets1
-
25) Government failure3
-
45) Production4
-
46) Costs8
-
47) Revenue5
-
48) Profit5
-
49) Market structure7
-
50) Perfect Competition7
-
51) Monopoly8
-
52) Monopolistic competition1
-
53) Oligopoly9
-
54) Contestability3
-
Equations8
