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10 Cards in this Set

  • Front
  • Back
Large Distributions with Confidence Interval
Can use Normal Distribution

Population=SD * 2

where:
SD=Standard Deviation
Cross Elasticity of Demand (Formula)
Price Elasticity Coefficient (Formula)
Causes for Shifts in Demand Curve
# 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
Causes for Shifts in Demand Curve
# 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
Causes in Shift of Supply Curve
# Cost -
# Government tax policy -
# Weather/climate -
# Prices of substitute products -
# Number of producers
Total Factor of Production Income (Formula)
Economic Rent + Opportunity Cost
Marginal Cost
ΔQ/ΔL

where
ΔQ=Change in Quantity,
ΔL=Change in Labor
Average Cost
Q/L

where
Q=Quantity,
L=Labor
What is the relationship of Marginal and Average Cost Curves
MC=Marginal Cost,
ATC=Average Total Cost,
AVC=Average Fixed Cost,
AFC=Average Fixed Cost