AP Economics Unit 2 Equations

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Last updated 5:20 AM on 9/21/26
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11 Terms

1
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Tax Revenue

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2
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Cross Price Elasticity of Demand

  • Positive → substitutes

  • Negative → complements

  • 0 → unrelated goods


<ul><li><p><strong>Positive</strong> → substitutes</p></li><li><p><strong>Negative</strong> → complements</p></li><li><p><strong>0</strong> → unrelated goods</p></li></ul><p></p>
3
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Income Elasticity

  • Positive → normal good

  • Negative → inferior good


<ul><li><p><strong>Positive</strong> → normal good</p></li><li><p><strong>Negative</strong> → inferior good</p></li></ul><p></p>
4
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Total Expenditure

TE= P x Q

P = price
Q = quantity purchased

5
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Total Revenue

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6
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Price Elasticity of Supply Coefficient

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7
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Price Elasticity Coefficient of Demand 

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8
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Percent Change 

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9
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Total Surplus Equation

CS+PS

10
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Consumer Surplus

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11
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Producer Surplus

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