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Summary Econ 200 mid

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2025/2026 Written for academic year
Institution University Of Washington
Course Econ 200 (ECON200)
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This document summarizes core microeconomic formulas for profit, cost, elasticity, and market efficiency. It lists key relationships such as profit = revenue − total costs and the constant‑cost form “(P − c) × Q.” It also defines cost functions like “F + cQ” and average cost “F/Q + c.” The notes include elasticity rules, markup formulas, and the MR–elasticity link. Graph sections illustrate deadweight loss, tax incidence, consumer/producer surplus, and externalities, including diagrams showing “D1 = private benefit” versus “D2 = social benefit.” The final tables cover perfect competition, isoprofit slopes, and gains from trade.

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Concept Equation / Formula Description
Profit revenue - total costs
Profit (P - c) * Q c = constant unit cost
Total Cost (C(Q)) F + cQ F = fixed cost; cQ = the constant marginal cost per
unit
Average Cost (AC) Total cost / Q
Average Cost (AC) F/Q + c c = constant marginal cost
Marginal Cost (MC) ΔC / ΔQ
Marginal Social Cost MPC - MEC MPC = marginal private cost; MEC = marginal
(MSC) external cost




g
Profit Maximization @where: MR = MC
(Price Setter)
Profit Maximization P = MC Profit maximizing quantity for a price taking firm




fro
(Price Taker)
Price Elasticity of
Demand (ε)
Price Elasticity of
Demand (ε)

Price Markup /
- %ΔD / %ΔP

- (ΔQ/ΔP) * P/Q


(P - MC) / P = 1/ε
happens at this point



> 1 = elastic. Price increase → revenue decrease
1 = unite elastic. Revenue is maximized
< 1 = inelastic. Price increase → revenue increase
ol
Elasticity Link
Marginal Revenue MR = P * (1 - 1/ε)
(MR) Link
Slope of Isoprofit - (P - MC) / Q Isoprofit curves slope downward at points where P
Curve > MC.
el

Isoprofit curves slope upward at points where P <
MC.
th

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