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I EQUAITON THEE

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  • MP*P
    MRP or MRV
  • MFC or MRC
    Wages (marginal factor or resource cost)
  • Allocative Efficiency
    MC=MB(P)
  • Price elasticity of Demand
    %Change Q/%change Price
  • Productive Efficiency
    p=min ATC
  • Market with one firm
    Monopoly
  • Equation used to determine quantity of a resource to hire
    MRP=MRC or MRV=MFC
  • Price elasticity of supply
    %change q supplied/%change price
  • Cross elasticity of demand
    %change Qa/%change Pb
  • Collusive oligopoly
    Cartel
  • Profit Max between capital and labor
    MRPk/PK=MRPL/PL
  • Factor market with many firms and qualified factors
    perfect competition
  • Factor market with one employer of the factor
    Monopsony
  • Allocation to min costs between capital and labor
    MPk/Pk=MPl/Pl
  • Equation used to determine profit max quantity
    MR=MC
  • Income elasticity of demand
    %change Q/%change Income
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