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Microeconomics formula sheet, Cheat Sheet of Economics

Stonehill CollegeEconomics

Formula sheet in given derivatives, slope of line, budget line, marginal rate of substitutions, income elasticity of demand, cost formula and profit maximization.

Typology: Cheat Sheet

2021/2022

Uploaded on 02/07/2022

tomseller
tomseller 🇺🇸

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Formulas for microeconomics midterm
Derivatives: d(yz)/dx = y(dz/dx) + z(dy/dx)
dx
n/dx = nxn-1
Slope of a line y(x): dy/dx
Approximate slope of a line
between points (x1, y1) and (x2, y2): (y2 - y1)/(x2 – x1)
Slope of a straight line y = a + bx: dy/dx = b
Budget line: xpx + ypy = I
Slope of budget line: -px/py
Marginal rate of substitution: MRS = -MUx/MUy
Price elasticity of demand: ep = (dQ/Q)/(dP/P) = (dQ/dP)(P/Q)
Income elasticity of demand: eI = (dQ/Q)/(dI/I) = (dQ/dI)(I/Q)
Cross elasticity of demand: exy = (dx/x)/(dPy/Py) = (dx/dPy)(Py/x)
Cost formulas: C(q) = F + V(q)
ATC(q) = F/q + AVC(q)
MC(q) = dC/dq = dV/dq
Profit maximization: MR(q) = MC(q)
Marginal revenue of monopolist: MR = p + q(dp/pq) = p(1 + 1/ep)

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Formulas for microeconomics midterm Derivatives: d(yz)/dx = y(dz/dx) + z(dy/dx) dxn^ /dx = nx n- Slope of a line y(x): dy/dx Approximate slope of a line between points (x 1 , y 1 ) and (x 2 , y2 ): (y 2 - y 1 )/(x 2 – x 1 ) Slope of a straight line y = a + bx: dy/dx = b Budget line: xpx + yp (^) y = I Slope of budget line: -px /py Marginal rate of substitution: MRS = -MUx /MUy Price elasticity of demand: ep = (dQ/Q)/(dP/P) = (dQ/dP)(P/Q) Income elasticity of demand: eI = (dQ/Q)/(dI/I) = (dQ/dI)(I/Q) Cross elasticity of demand: exy = (dx/x)/(dPy/Py) = (dx/dPy)(Py/x) Cost formulas: C(q) = F + V(q) ATC(q) = F/q + AVC(q) MC(q) = dC/dq = dV/dq Profit maximization: MR(q) = MC(q) Marginal revenue of monopolist: MR = p + q(dp/pq) = p(1 + 1/ep)