Can anyone give me some tips to remember all the formulae of microeconomic and statistics.
Please it will be very much beneficial for me.
Answers
Price elasticity measures the responsiveness of the quantity demanded or supplied of a good to a change in its price. It is computed as the percentage change in quantity demanded—or supplied—divided by the percentage change in price.
Elasticity can be described as elastic—or very responsive—unit elastic, or inelastic—not very responsive.
Elastic demand or supply curves indicate that the quantity demanded or supplied responds to price changes in a greater than proportional manner.
An inelastic demand or supply curve is one where a given percentage change in price will cause a smaller percentage change in quantity demanded or supplied.
Unitary elasticity means that a given percentage change in price leads to an equal percentage change in quantity demanded or supplied.
MC
▲TC /▲Q
AFC
FC/Q
MP
▲Q/▲LABOR
like this you can learn easliy