Per Unit Opportunity Cost = Number of Units of GS Given Up / Number of Units of GS Gained

Price Ceiling is below market equilibrium

Price Floor is above market equilibrium
Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price
● Always going to be negative, answer as such on AP Exam, but use Abs value to determine elasticity
● If greater than 1 then elastic, if less than 1 then inelastic, if equals 1 then unit elastic
Total Revenue = Price x Quantity
Cross Elasticity of Demand = % Change in Quantity Demanded of X / % Change in Price of Y
● If positive then substitute goods, if negative then complementary, if zero then goods are unrelated
Income Elasticity of Demand = % Change in Quantity Demanded / % Change in Income
● If positive then good is a normal good, if negative then good is inferior good
Price Elasticity of Supply = % Change in Quantity Supply / % Change in Price
● If greater than 1 then elastic, if less than 1 then inelastic
Utility Maximizing Rule = MU of X / Price of X = MU of Y / Price of Y

Per Unit Opportunity Cost = Number of Units of GS Given Up / Number of Units of GS Gained
Price Ceiling is below market equilibrium
Price Floor is above market equilibrium
Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price
● Always going to be negative, answer as such on AP Exam, but use Abs value to determine elasticity
● If greater than 1 then elastic, if less than 1 then inelastic, if equals 1 then unit elastic
Total Revenue = Price x Quantity
Cross Elasticity of Demand = % Change in Quantity Demanded of X / % Change in Price of Y
● If positive then substitute goods, if negative then complementary, if zero then goods are unrelated
Income Elasticity of Demand = % Change in Quantity Demanded / % Change in Income
● If positive then good is a normal good, if negative then good is inferior good
Price Elasticity of Supply = % Change in Quantity Supply / % Change in Price
● If greater than 1 then elastic, if less than 1 then inelastic
Utility Maximizing Rule = MU of X / Price of X = MU of Y / Price of Y

Per Unit Opportunity Cost = Number of Units of GS Given Up / Number of Units of GS Gained
Price Ceiling is below market equilibrium
Price Floor is above market equilibrium
Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price
● Always going to be negative, answer as such on AP Exam, but use Abs value to determine elasticity
● If greater than 1 then elastic, if less than 1 then inelastic, if equals 1 then unit elastic
Total Revenue = Price x Quantity
Cross Elasticity of Demand = % Change in Quantity Demanded of X / % Change in Price of Y
● If positive then substitute goods, if negative then complementary, if zero then goods are unrelated
Income Elasticity of Demand = % Change in Quantity Demanded / % Change in Income
● If positive then good is a normal good, if negative then good is inferior good
Price Elasticity of Supply = % Change in Quantity Supply / % Change in Price
● If greater than 1 then elastic, if less than 1 then inelastic
Utility Maximizing Rule = MU of X / Price of X = MU of Y / Price of Y

Per Unit Opportunity Cost = Number of Units of GS Given Up / Number of Units of GS Gained
Price Ceiling is below market equilibrium
Price Floor is above market equilibrium
Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price
● Always going to be negative, answer as such on AP Exam, but use Abs value to determine elasticity
● If greater than 1 then elastic, if less than 1 then inelastic, if equals 1 then unit elastic
Total Revenue = Price x Quantity
Cross Elasticity of Demand = % Change in Quantity Demanded of X / % Change in Price of Y
● If positive then substitute goods, if negative then complementary, if zero then goods are unrelated
Income Elasticity of Demand = % Change in Quantity Demanded / % Change in Income
● If positive then good is a normal good, if negative then good is inferior good
Price Elasticity of Supply = % Change in Quantity Supply / % Change in Price
● If greater than 1 then elastic, if less than 1 then inelastic
Utility Maximizing Rule = MU of X / Price of X = MU of Y / Price of Y

Per Unit Opportunity Cost = Number of Units of GS Given Up / Number of Units of GS Gained
Price Ceiling is below market equilibrium
Price Floor is above market equilibrium
Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price
● Always going to be negative, answer as such on AP Exam, but use Abs value to determine elasticity
● If greater than 1 then elastic, if less than 1 then inelastic, if equals 1 then unit elastic
Total Revenue = Price x Quantity
Cross Elasticity of Demand = % Change in Quantity Demanded of X / % Change in Price of Y
● If positive then substitute goods, if negative then complementary, if zero then goods are unrelated
Income Elasticity of Demand = % Change in Quantity Demanded / % Change in Income
● If positive then good is a normal good, if negative then good is inferior good
Price Elasticity of Supply = % Change in Quantity Supply / % Change in Price
● If greater than 1 then elastic, if less than 1 then inelastic
Utility Maximizing Rule = MU of X / Price of X = MU of Y / Price of Y

Per Unit Opportunity Cost = Number of Units of GS Given Up / Number of Units of GS Gained
Price Ceiling is below market equilibrium
Price Floor is above market equilibrium
Price Elasticity of Demand = % Change in Quantity Demanded / % Change in Price
● Always going to be negative, answer as such on AP Exam, but use Abs value to determine elasticity
● If greater than 1 then elastic, if less than 1 then inelastic, if equals 1 then unit elastic
Total Revenue = Price x Quantity
Cross Elasticity of Demand = % Change in Quantity Demanded of X / % Change in Price of Y
● If positive then substitute goods, if negative then complementary, if zero then goods are unrelated
Income Elasticity of Demand = % Change in Quantity Demanded / % Change in Income
● If positive then good is a normal good, if negative then good is inferior good
Price Elasticity of Supply = % Change in Quantity Supply / % Change in Price
● If greater than 1 then elastic, if less than 1 then inelastic
Utility Maximizing Rule = MU of X / Price of X = MU of Y / Price of Y