Peter J Wilcoxen


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 
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
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Peter J Wilcoxen, The Maxwell School, Syracuse University
Revised 02/23/2023