economics equations
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23 Terms
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Price Elasticity of Demand (PED)
% change in quantity demanded / % change in price
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Income Elasticity of Demand (YED)
% change in quantity demanded / % change in income
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Cross Elasticity of Demand (XED)
% change in quantity demanded of good A / % change in price of good B
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Price Elasticity of Supply (PES)
% change in quantity supplied / % change in price
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Total Revenue (TR)
Price × Quantity
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Average Revenue (AR)
Total Revenue / Quantity = Price
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Marginal Revenue (MR)
Change in Total Revenue / Change in Quantity Sold
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Total Cost (TC)
Total Fixed Costs + Total Variable Costs
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Average Total Cost (ATC)
Total Cost / Quantity
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Marginal Cost (MC)
Change in Total Cost / Change in Quantity
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Profit
Total Revenue – Total Cost
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Average Fixed Cost (AFC)
Total Fixed Cost / Quantity
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Average Variable Cost (AVC)
Total Variable Cost / Quantity
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Economic Profit
Total Revenue – (Explicit Costs + Implicit Costs)
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GDP (expenditure method)
C + I + G + (X – M)
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Multiplier (simple)
1 / (1 – MPC) OR 1 / MPW
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Inflation Rate (CPI)
[(Price index in year 2 – Price index in year 1) / Price index in year 1] × 100
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Unemployment Rate
(Number of unemployed / Labour force) × 100
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Current Account Balance
Trade in goods + Trade in services + Net income + Net transfers
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Real GDP
(Nominal GDP / Price Index) × 100
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Real Wage
Nominal Wage / Price Level
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Labour Productivity
Output per period / Number of workers
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Participation Rate
(Labour Force / Working-Age Population) × 100