Econ Mid-Term 1 Formulas - Custom Scholars
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# Econ Mid-Term 1 Formulas

question
Total Revenue
TR=PxQ
question
Present Value Formula
PV=FV/(1+i)^n
p. 12
question
Demand Function
Qd/x=f(Px,Py,M,H)
p. 36
question
Linear Demand Function
Qd/x=a0+axPx=ayPy+amM+ahH
p. 36
question
Supply Function
Qs/x=f(Px,Pr,W,H)
p. 43
question
Full Economic Price
P^f = P^c + (P^f - P^c)
p. 49
question
Elasticity
Eg,s = %ΔValue/%ΔOld Value
p. 65
question
Own-Price Elasticity of Demand
EQx,Px= %ΔQd/x / %ΔPx
p. 66
question
Elastic Demand
|EQx,Px| > 1
P. 67
question
Inelastic Demand
|EQx,Px| < 1
p. 67
question
Unitary Elastic Demand
|EQx,Px| = 1
p. 67
question
Production Function
Q=F(K,L)
p. 136
question
Short-Run (Fixed)
Q=f(L) = F(K,L)
p.137
question
Average Product of Labor
(APl)
APl = Q/L
p. 138
question
Average Product of Capital
(APk)
APk = Q/K
p.138
question
Marginal Product of Capital
(MPk)
MPk = ΔQ/ΔK
p. 138
question
Marginal Product of Labor
MPl
MPl = ΔQ/ΔL
p. 138
question
Value Marginal Product of Labor
(VMPl)
VMPl = P*MPl
p. 141
question
Value Marginal Product of Capital
(VMPk)
VMPk = P*MPk
p. 141
question
Cobb-Douglass Production Function
Q=F(K,L) = K^aL^b
p. 144
question
Marginal Rate of Technical Substitution
(MRTSkl)
MRTSkl = MPl/MPk
p. 147
question
Average Fixed Cost
(AFC)
AFC = FC/Q
p. 156
question
Average Variable Cost
(AVC)
AVC = VC(Q)/Q
p. 156
question
Average Total Cost
(ATC)
ATC = C(Q)/Q
p. 157
question
Marginal Cost
(MC)
MC = ΔC/ΔQ
p. 157
question
Given Total Cost
C(Q) = 10 + Q + Q^2
1 of 26
question
Total Revenue
TR=PxQ
question
Present Value Formula
PV=FV/(1+i)^n
p. 12
question
Demand Function
Qd/x=f(Px,Py,M,H)
p. 36
question
Linear Demand Function
Qd/x=a0+axPx=ayPy+amM+ahH
p. 36
question
Supply Function
Qs/x=f(Px,Pr,W,H)
p. 43
question
Full Economic Price
P^f = P^c + (P^f - P^c)
p. 49
question
Elasticity
Eg,s = %ΔValue/%ΔOld Value
p. 65
question
Own-Price Elasticity of Demand
EQx,Px= %ΔQd/x / %ΔPx
p. 66
question
Elastic Demand
|EQx,Px| > 1
P. 67
question
Inelastic Demand
|EQx,Px| < 1
p. 67
question
Unitary Elastic Demand
|EQx,Px| = 1
p. 67
question
Production Function
Q=F(K,L)
p. 136
question
Short-Run (Fixed)
Q=f(L) = F(K,L)
p.137
question
Average Product of Labor
(APl)
APl = Q/L
p. 138
question
Average Product of Capital
(APk)
APk = Q/K
p.138
question
Marginal Product of Capital
(MPk)
MPk = ΔQ/ΔK
p. 138
question
Marginal Product of Labor
MPl
MPl = ΔQ/ΔL
p. 138
question
Value Marginal Product of Labor
(VMPl)
VMPl = P*MPl
p. 141
question
Value Marginal Product of Capital
(VMPk)
VMPk = P*MPk
p. 141
question
Cobb-Douglass Production Function
Q=F(K,L) = K^aL^b
p. 144
question
Marginal Rate of Technical Substitution
(MRTSkl)
MRTSkl = MPl/MPk
p. 147
question
Average Fixed Cost
(AFC)
AFC = FC/Q
p. 156
question
Average Variable Cost
(AVC)
AVC = VC(Q)/Q
p. 156
question
Average Total Cost
(ATC)
ATC = C(Q)/Q
p. 157
question
Marginal Cost
(MC)
MC = ΔC/ΔQ
p. 157
question
Given Total Cost
C(Q) = 10 + Q + Q^2

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