AP Economics Review: Equations Flashcards

168457117	optimal decision-making	MB=MC	0
168457118	Opportunity cost from a PPC	Good X: slope of PPC Good Y: Inverse slope of PPC	1
168457119	Market Equilibrium	Qd=Qs	2
168457120	Surplus	Qs-Qd	3
168457121	Total Welfare	Consumer surplus+Producer surplus	4
168457122	Price elasticity of demand	Ed=(%∆ in quantity demanded of good X)(%∆ in price of good X)	5
168457123	Percentage change	%∆=100 x (new value-old value)/old value	6
168457124	Total revenue	price x quantity demanded	7
168457125	Income elasticity	E1=(%∆ Qd good X)/(%∆ income)	8
168457126	Cross-price elasticity	Ex,y=(%∆ Qd good X)/(%∆ price good Y)	9
168457127	Price Elasticity of Supply	Es=(%∆ in quantity supplied of good X)/(%∆ in the price of good X)	10
169037175	Marginal Utility	MU=∆TU/∆Q	11
169037176	Utility Maximizing Rule	MUx/Px=MUy/Py	12
169037177	Accounting Profit	TR-explicit costs	13
169037178	Economic Profit	TR-explicit costs-implicit costs	14
169037179	Marginal Product of Labor	MP=∆ in TP/∆ in labor	15
169037180	Average Product of Labor	AP=TP/L	16
169037181	Total Costs	TC=TVC+TFC	17
169037182	Marginal Costs	MC=∆TVC/∆Q	18
169037183	Average Fixed Cost	AFC=TFC/Q	19
169044692	Average Variable Cost	AVC=TVC/Q	20
169044693	Average Total Cost	ATC=TC/Q=AFC+AVC	21
169044694	Marginal Cost and Marginal Product of Labor	MC=w/MP	22
169044695	Average Variable Cost and Average Product of Labor	AVC=w/AP	23
169044696	Profit Maximization Point	MB=MC or MR=MC	24
169044697	Demand for Firm's Product (Perfectly Competitive Market)	MR=D=AR=P	25
169044698	Profit	TR-TC	26
169044699	Break-Even Point	P=ATC	27
169044700	Shutdown Point	P	28
169044701	Allocative Efficiency	Product output q where P=MR=MC	29
169044702	Excess Capcity in Monopolistic Competition	Qatc-Qmc	30
169044703	Perfectly Competitive Long-Run Equilibrium	MR=D=AR=P=MC=ATC	31
169044704	Monopoly Long-Run Equilibrium	Pm>MR=MC	32
169044705	Marginal Revenue Product	∆TR/∆ # of Resources	33