GCSE Economics - Quantitative Skills

What is the formula for Price Elasticity of Demand?

% change in quantity demanded / % change in price

What is the formula for Total Revenue?

Price x Quantity

What is the formula for Price Elasticity of Supply?

% change in quantity supplied / % change in price

What is the formula for productivity?

Total output / Total input

What is the formula for Total Cost?

Total fixed cost + Total variable cost

What is the formula for Average Cost?

Total cost / Quantity

What is the formula for Average Revenue?

Total revenue / Quantity

What is the formula for Profit or Loss?

Total revenue - Total cost

What does the active labour supply consist of?

Employees, self employed, those on government schemes, unpaid workers and unemployed.

What does the inactive labour supply consist of?

Looking after family, short-term sick, long-term sick, discouraged workers, students and retired.

What is included in gross pay?

Wages (salary), overtime payments, bonuses and allowances etc.

What is the formula for net pay?

Gross pay - Deductions

What is the formula for interest payments?

Money * (Interest rate / 100)