Microeconomics Calculator

The Microeconomics Calculator has the most common microeconomics equations based on widely accepted university texts including the following:

• Price Elasticity of Demand (Midpoint Method) 
• Average Fixed Cost
• Average Variable Cost
• Average Total Cost
• Unit Cost / Average Total Cost
• Profit as a function of revenue and expense.
• Profit (v.2) as a function of unit price, cost and quantity produced.
• Economic Profit
• Cross-Price Elasticity of Demand
• Income Elasticity of Demand
• Price Elasticity of Demand
• Price Elasticity of Supply
• Consumer Surplus
• Producer Surplus
• Total Surplus
• Accounting Profit
• Simple Statistics: - Compute sums, count, max, mean, median, mode, standard deviation, variance, sort, binning for comma separated numbers.

Microeconomics (from Greek prefix mikro- meaning "small" and economics) is a branch of economics that studies the behavior of individuals and small impacting organizations in making decisions on the allocation of limited resources (see scarcity). Typically, it applies to markets where goods or services are bought and sold. Microeconomics examines how these decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services.

This is in contrast to macroeconomics, which involves the "sum total of economic activity, dealing with the issues of growth, inflation, and unemployment." Microeconomics also deals with the effects of national economic policies (such as changing taxation levels) on the aforementioned aspects of the economy. Particularly in the wake of the Lucas critique, much of modern macroeconomic theory has been built upon 'microfoundations'—i.e. based upon basic assumptions about micro-level behavior.

One of the goals of microeconomics is to analyze market mechanisms that establish relative prices amongst goods and services and allocation of limited resources amongst many alternative uses. Microeconomics also analyzes market failure, where markets fail to produce efficient results, and describes the theoretical conditions needed for perfect competition. Significant fields of study in microeconomics include general equilibrium, markets under asymmetric information, choice under uncertainty and economic applications of game theory. Also considered is the elasticity of products within the market system.

Resource:

• Mankiw, N. Gregory. Principles of Microeconomics. 6th ed. Mason, OH: Thomson/South-Western, 2004. Print.
• "Microeconomics." Wikipedia. Wikimedia Foundation, n.d. Web. 31 May 2015.

See Also

• Macroeconomics Calculator - Includes all the standard functions for a first year macroeconomics class.
• Personal Finance Calculator - Includes the most popular formulas related to personal finance.
• College Level Statistics Calculator: This includes the statistical calculations appropriate for an introduction to statistics class.
• Production and Consumption Calculator Includes functions to compute the cost in time and capital for the production or consumption of commodities measured in units or by length, area, volume or weight.
• Purchasing Calculator - This includes function to do price comparisons in multiple currencies for commodities priced by length, area, volume or weight.  It will tell you if petrol (gas) is cheaper at .89 Euros per liter or $2.25 (U.S.) per gallon and much more.