Peter J Wilcoxen > PAI 723 Economics for Public Decisions


A quick reference list of names, abbreviations and symbols.

Names and Abbreviations

AC Average Cost 
AR Average Revenue 
AVC Average Variable Cost 
BC Budget Constraint 
CRTS Constant Returns to Scale 
CS Consumer Surplus 
CV Compensating Variation 
D Demand curve 
DWL Deadweight Loss 
EV Expected Value 
HH Households 
IC Indifference Curve 
LR Long Run 
MB Marginal Benefit 
MC Marginal Cost 
MR Marginal Revenue 
MRS Marginal rate of substitution (slope of an IC) 
P Price 
Pd Price paid by buyers (demanders). 
PS Producer Surplus 
Ps Price received by sellers. 
PV Present Value 
Q Quantity 
Qd Quantity demanded 
Qs Quantity supplied  
S Supply curve 
SR Short Run 
SS Social Surplus 
W2A Willingness to Accept 
W2P Willingness to Pay 


Change in a variable

Price elasticity of demand
Price elasticity of supply
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Peter J Wilcoxen, The Maxwell School, Syracuse University
Revised 08/27/2017