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| 9928177406 | Formula For elasticity | %change in QD/ %change in P | 0 | |
| 9928181833 | Income Elasticity | Normal Good: Positive
Inferior Good: Negative
Necessity: Ed < 1
Luxury: 1| 1 | | |
| 9928199032 | Cross Price Elasticity | Substitutes ED+ Compliments ED- | 2 | |
| 9928229030 | Wage Elasticity Formula for supply and demand | % change in quantity / % Change in wage | % change in quantity | / | % Change in wage| (we use absolute values cause Demand is downward sloping) | 3 | |
| 9928231452 | Elasticity supply for Wages | If E<1 than job wage is not elastic, Higher skilled workers If E>1 than Job eage is elastic, Lower skilled workers | 4 | |
| 9928268067 | Elasticity Formula for interest rate of borrowing | Quantity in borrowing / Change in interest rates | 5 | |
| 9928272945 | Elasticity Formula for interest rate of savings | Quantity in Saving/ Change in interest rates | 6 | |
| 9928284648 | When is something allocatively Efficient on a graph? | When price = Marginal Cost | 7 | |
| 9928290437 | On a Perfect competition Graph MC intersects with... | The lowest point of ATC and and AVC |  | 8 |
| 9928303100 | Productive efficiency is archived when | MC is producing at the lowest part of the ATC | 9 | |
| 9928386127 | Formula for economic profit | Total revenue - ( Implicit + explicit Costs) or Accounting profits - Implicit costs | 10 | |
| 9928389200 | Implicit costs | Oppirtunity cost | 11 | |
| 9928392471 | Explicit costs | The actual price of things ie food, water, housing, etc | 12 | |
| 9928412394 | Per Unit Taxes | Shift the marginal cost curve upwards, output decreases | 13 | |
| 9928413553 | Lump sum taxes | Marginal cost curve does not shift upward, but raises ATC upward Output stays the same Profits decrease | 14 | |
| 9928459959 | Long Run Monopolistic competition | Price = ATC | 15 | |
| 9928493139 | Define Economies of scale | Where increasing output decreases costs | 16 | |
| 9928497497 | Nash Equilibrium | Where firms play both of their dominant strategies | 17 | |
| 9928498455 | Marginal Revenue Product of a worker | Change in Total revenue resulting from the use of each additional variable input or Marginal revenue X marginal Product | 18 | |
| 9928591412 | Derived demand | The demand for resources created by the product it makes | 19 | |
| 9928605084 | Marginal Factor Cost | Change in total cost. Results from the employment of an additional unit | 20 | |
| 9928608082 | MFC is the | Wage Rate for labor in a perfectly competitive labor market | 21 | |
| 9928611938 | The firms optimal workers when | Are equal to each other when MFC = MRP | 22 | |
| 9928647656 | Economic Rent | The extra resource gained when willing to do less A baseball player is willing to play for 30k But gets paid 40k therefore economic rent is 10k | 23 | |
| 9928653354 | Market failures occur when | MPB> M | 24 | |
| 9928657104 | Monosony is when | A company has a monopoly on hiring people, AKa maytag washing machines | 25 | |
| 9928657922 | MFC curve is found where on a monosony | ABove the supply curve | 26 |
