I know very little actionscript, so what you have posted tells me nothing. I'll try to help anyways.
First thing you need to know is exactly when the two circles collide. If you know that you can put them in that position by multiplying their movement vectors with that time. A good way to know if you have gotten it right is to check if the distance between their centers is exactly the sum of their radius, like it should be if they are just touching each others surfaces. There are several good formulas for this on the net, you don't really have to understand it, just use it.
The next step I do like this:
I calculate the values for a line pointing from the center of one circle to the center of the other one. The direction of this line we call DIRECTION. This means that DIRECTION is a direction vector with a length of 1.0 pointing from the center of circle1 to the center of circle2. We will use this later.
Then I calculate the values for a line perpendicular to the first one. Let's call this one LINE. I have marked this with red color.
I calculate the distance from the circles movement vectors to LINE. Let's call this COLLISIONSPEED. If they are moving inwards, their COLLISIONSPEED is positive, if they are moving outwards, it is negative. I have marked their COLLISIONSPEED with blue.
Now add the COLLISIONSPEEDS togheter. If their sum is negative, the circles move away from each other, and no collision should be calculated. If the sum is positive, a collision is present. Let's call this sum COLLISIONSUM.
BOUNCE is the average of the two circles bouncyness. If 0.00 they will lose all their momentum in the bouncing direction, if 1.00 they will maintain all their speed.
I now set a variable that we'll call REPULSIONSPEED. This variable is set to
REPULSIONSPEED = COLLISIONSUM + (COLLISIONSUM*BOUNCE)
MASSFAC is local variable calculated like this:
MASSFAC = CIRCLE1MASS/(CIRCLE1MASS+CIRCLE2MASS)
Meaning that if circle1 weights 75 and circle2 only 25 the MASSFAC will be 0.75.
So, you add this to circle1:s velocity:
C1SPEED = C1SPEED + (-1*DIRECTION*(REPULSIONSPEED*(1.0-MASSFAC)))
And circle2:
C2SPEED = C2SPEED + (DIRECTION*(REPULSIONSPEED*MASSFAC))
Meaning that the circles will be thrown away from each other at speeds matching their mass, the small circle will take 75% of the blow, the big one only
25%.
I doubt that this is at all correct physics, but it's how I do it and it works fine for me. Don't hesitate to ask further questions