1) AdSense Earning = Impression-count x Click-though-rate x Cost-per-click x smart-pricing-factor.
2) Impression count is basically referring to your traffic. It means the number of times AdSense block is displayed.
3) Click-through-rate (CTR) is ratio of clicks per impressions. It can range from 0.1% to 30%, but most commonly around 1% to 10%.
4) Cost-per-click (CPC) is the earning you get per click. While traditionally it refers to the amount advertisers pay for each click, it can also mean the amount publishers get for each click.
5) Smart-pricing is AdSense method to determine how valuable clicks from your site is worth. If clicks on your site doesn’t provide good value to advertisers, e.g. from visitors’ geo-location that seldom translate to sales, you will only get a fraction of the supposed CPC.
6) Apply for AdSense account via blogger.com for faster approval. Useful Adsense Tips - AdSense Forum