Economics formulas
Studied by 0 people
Call with Kai
Learn
Practice Test
Spaced Repetition
Match
Flashcards
Knowt Play1/16
There's no tags or description
Looks like no tags are added yet.
Name | Mastery | Learn | Test | Matching | Spaced | Call with Kai |
|---|
No study sessions yet.
17 Terms
Total revenue
Price x Quantity demanded
Elasticity of Demand/ Supply
Income elasticity (formula)
Income elasticity (answers)
positive answer=normal product
Negative answer= inferior product
Cross price elasticity (formula)
Cross price elasticity (answers)
Positive answer= substitute good
Negative answer = complimentary good
Profit
Total Revenue - total cost
Marginal revenue
(TR2 - TR1)/(Q2-Q1)
Marginal Cost
(TC2-TC1)/(Q2-Q1)
Perfectly competitive market
MR=D=AR=P
Profit Maximization Rule
MR (is greater than or equal to) MC
GDP Deflator
(Real GDP / Nominal GDP) x 100
Inflation Rate
CPI
Unemployment rate
Labour Force
employed + unemployed people
Elasticity of supply (answer)
answer=1 quantity supplied is unit elastic
answer=0 quantity supplied is perfectly inelastic
answer= infinity, quantity supplied is perfectly elastic
Note 
Flashcards (89)