MGEA02H3 Study Guide - Midterm Guide: Average Variable Cost, Marginal Product, Fixed Cost
18 May 2016
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MGEA02H3 Full Course Notes
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Chapter 6: % change in quantity demanded. = change in quantity demanded / initial quantity demanded 100: % change in price. = change in price / initial price 100: price elasticity of demand. = % change in quantity demanded / % change in price: midpoint method. % change in x = change in x average value of x 100 where the average value of x is defined as. Average value of x = starting value of x + final value of x: price elasticity of demand , total revenue. = price quantity sold: cross-price elasticity of demand between goods a and b. = % change in quantity of a demanded / % change in price of b. = % change in quantity demanded / % change in income: price elasticity of supply. = % change in quantity supplied / % change in price: es / ed = bs / ss.
