The Maxwell School
Syracuse University
Syracuse University
| 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 |
| MBe or `MB_e` | Marginal Benefit of an Externality |
| MC | Marginal Cost |
| MCe or `MC_e` | Marginal Cost of an Externality |
| MR | Marginal Revenue |
| MRS | Marginal rate of substitution (slope of an IC) |
| P | Price |
| Pd or `P^d` | Price paid by buyers (demanders) |
| PS | Producer Surplus |
| Ps or `P^s` | Price received by sellers |
| PV | Present Value |
| Q | Quantity |
| Qd or `Q_d` | Quantity demanded |
| Qs or `Q_s` | Quantity supplied |
| S | Supply curve |
| SR | Short Run |
| SS | Social Surplus |
| WTA | Willingness to Accept |
| WTP | Willingness to Pay |
| `Delta` | Change in a variable |
| `eta` | Price elasticity of demand |
| `eta_s` | Price elasticity of supply |
| `eta_i` | Income elasticity |