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10 Cards in this Set
- Front
- Back
Large Distributions with Confidence Interval
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Can use Normal Distribution
Population=SD * 2 where: SD=Standard Deviation |
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Cross Elasticity of Demand (Formula)
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Price Elasticity Coefficient (Formula)
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Causes for Shifts in Demand Curve
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# Change in income
# Change in preferences/tastes # Change in prices of goods that are complimentary # Changes in prices of goods that are substitutes # Advertising # Expectations # Shifts in market demographics. # Distribution of income |
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Causes for Shifts in Demand Curve
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# Change in income
# Change in preferences/tastes # Change in prices of goods that are complimentary # Changes in prices of goods that are substitutes # Advertising # Expectations # Shifts in market demographics. # Distribution of income |
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Causes in Shift of Supply Curve
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# Cost -
# Government tax policy - # Weather/climate - # Prices of substitute products - # Number of producers |
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Total Factor of Production Income (Formula)
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Economic Rent + Opportunity Cost
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Marginal Cost
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ΔQ/ΔL
where ΔQ=Change in Quantity, ΔL=Change in Labor |
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Average Cost
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Q/L
where Q=Quantity, L=Labor |
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What is the relationship of Marginal and Average Cost Curves
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MC=Marginal Cost,
ATC=Average Total Cost, AVC=Average Fixed Cost, AFC=Average Fixed Cost |