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TABLE OF CONTENTS
economics
Allocative Efficiency Condition
Average Fixed Cost
Average Product
Average Revenue
Average Total Cost
Average Variable Cost
Cross-Price Elasticity of Demand
Elasticity of Supply
Factor of Production Hiring Rule
Marginal Cost
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EQUATION LIST
economics
Allocative Efficiency Condition
#Economics
#Microeconomics
$$P = MC \\ \text{Marginal Social Benefit (MSB)} = \text{Marginal Social Cost (MSC)}$$
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Average Fixed Cost
#Economics
#Microeconomics
$$AFC = \frac{Total Fixed Cost (TFC)}{Quantity of Output (Q)}$$
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Average Product
#Economics
#Microeconomics
$$\text{AP} = \frac{\text{Total Product}}{\text{Quantity of Input}}$$
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Average Revenue
#Economics
#Microeconomics
$$\text{Average Revenue} = \frac{\text{Total Revenue}}{\text{Quantity}}$$
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Average Total Cost
#Economics
#Microeconomics
$$\text{Average Total Cost(ATC)} = \frac{\text{Total Cost (TC)}}{\text{Quantity of Output (Q)}}$$
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Average Variable Cost
#Economics
#Microeconomics
$$\text{Average Variable Cost(AVC)} = \frac{\text{Total Variable Cost (TVC)}}{\text{Quantity of Output (Q)}}$$
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Cross-Price Elasticity of Demand
#Economics
#Microeconomics
$$\text{Elasticity of Demand} = \frac{\text{Percentage Change in Quantity Demanded of Good X}}{\text{Percentage Change in Price of Good Y}}$$
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Elasticity of Supply
#Economics
#Microeconomics
$$\text{Elasticity of Supply} = \frac{\text{Percentage Change in Quantity Supplied}}{\text{Percentage Change in Price}}$$
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Factor of Production Hiring Rule
#Economics
#Microeconomics
$$\text{MRP} = \text{MFC}$$
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Marginal Cost
#Economics
#Microeconomics
$$\text{MC} = \frac{\Delta \text{TC}}{\Delta \text{Q}} = \frac{\Delta \text{TVC}}{\Delta \text{Q}}$$
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Marginal Factor Cost MFC
#Economics
#Microeconomics
$$\text{MFC} = \frac{\Delta \text{TC}}{\Delta \text{f}}$$
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Marginal Product of Labor
#Economics
#Microeconomics
$$\text{MPL} = \frac{\Delta \text{TP}}{\Delta \text{L}}$$
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Marginal Revenue
#Economics
#Microeconomics
$$\text{MR} = \frac{\Delta \text{TR}}{\Delta \text{Q}}$$
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Marginal Revenue Product
#Economics
#Microeconomics
$$\text{MRP} = \text{MP} \times \text{MR}$$
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Marginal Revenue Product of Labor MRPL
#Economics
#Microeconomics
$$\text{MRP}_{L} = \text{MP}_{L} \times \text{P}$$
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Optimal Combination of Resources Condition
#Economics
#Microeconomics
$$\text{MRP}_{L} = \text{MP}_{L} \times \text{P}$$
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Price Elasticity of Demand
#Economics
#Microeconomics
$$\text{Price Elasticity of Demand} = \frac{% \Delta Q_{d}}{% \Delta P} = \frac{\frac{\Delta Q_{d}}{Q}}{\frac{\Delta P}{P}}$$
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Autonomous Spending Multiplier
#Economics
#MacroEconomics
$$\text{Multiplier} = \frac{1}{1-MPC} = \frac{1}{MPS}$$
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Balanced Budget Multiplier
#Economics
#MacroEconomics
$$\text{Balanced Budget Multiplier} = \frac{1}{1-MPC} + \frac{-MPC}{1-MPC} = 1$$
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Banks Reserve Ratio
#Economics
#MacroEconomics
$$\text{Reserve Ratio} = \frac{\text{Bank Reserves}}{\text{Total Deposits}}$$
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Distributive Efficiency Condition
#Economics
#Microeconomics
$$\frac{MU_{F}}{P_{F}} = \frac{MU_{C}}{P_{C}}$$
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Equality of Leakages and Injections
#Economics
#MacroEconomics
$$\text{S} + \text{T} + \text{M} = \text{I} + \text{G} + \text{X}$$
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Equation of Exchange
#Economics
#MacroEconomics
$$\text{MV} = \text{PQ}$$
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Gini Coefficient
#Economics
#Microeconomics
$$G = \frac{S_{A}}{S_{B}} \\ G = 1 - \sum^{n}_{i=1} P_{i} \times (2 Q_{i} - W_{i}) \\ Q_{i} = \sum^{i}_{k = 1} W_{k}$$
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Gross Domestic Product Deflator
#Economics
#MacroEconomics
$$\text{GDP Deflator}= \frac{\text{Current Year Quantities} \times \text{Current Year Prices}}{\text{Current Year Quantities} \times \text{Base Year Prices}} \times 100$$
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Investment
#Economics
#MacroEconomics
$$I=I_{P}+I_{U}$$
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Optimal Consumption Rule
#Economics
#Microeconomics
$$\frac{MU_{x}}{P_{x}} = \frac{MU_{Y}}{P_{Y}}$$
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Price for a Competitive Firm
#Economics
#Microeconomics
$$P = MR$$
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Production Efficiency Condition
#Economics
#Microeconomics
$$\frac{w}{r} = \frac{MP_{L}}{MP_{K}}$$
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Profit
#Economics
#Microeconomics
$$\text{Profit} = \text{TR} – \text{TC}$$
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Profit-Maximizing Output Level
#Economics
#Microeconomics
$$MR = MC$$
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Slope of the Total Product Curve
#Economics
#Microeconomics
$$\text{Marginal Product} = \frac{\Delta P}{\Delta L} = \frac{\text{Rise}}{\text{Run}} = \frac{\text{Change in Total Product}}{\text{Change in the Number of Units of an Input}}$$
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Socially Optimal Level of Output
#Economics
#Microeconomics
$$\text{MSB} = \text{MSC}$$
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Total Costs
#Economics
#Microeconomics
$$\text{TC} = \text{TFC} + \text{TVC}$$
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