All equations Flashcards by Alex Taylor-Rose

Percentage change

New-old/old

How well did you know this?

Not at all

Perfectly

Equilibrium price

Quantity demanded=quantity supplied

How well did you know this?

Not at all

Perfectly

Excess demand

Demand-supply

How well did you know this?

Not at all

Perfectly

Excess supply

Supply-demand

How well did you know this?

Not at all

Perfectly

PED

Percentage change in quantity/percentage change in price

How well did you know this?

Not at all

Perfectly

PES

Percentage change in quantity supplied/percentage change in price

How well did you know this?

Not at all

Perfectly

AVC

TVC/quantity

How well did you know this?

Not at all

Perfectly

AFC

FC/total output

How well did you know this?

Not at all

Perfectly

Average revenue

Total revenue/quantity

How well did you know this?

Not at all

Perfectly

Profit

Total revenue-total costs

How well did you know this?

Not at all

Perfectly

Total costs

FC+TVC

How well did you know this?

Not at all

Perfectly

Net pay

Gross profit - income tax - NIC

How well did you know this?

Not at all

Perfectly

Social benefits

Private + external benefits

How well did you know this?

Not at all

Perfectly

Social costs

Private + external costs

How well did you know this?

Not at all

Perfectly

Social efficiency

Social benefits = social costs

How well did you know this?

Not at all

Perfectly

Consumption + investment + government spending + (exports - imports)

Real GDP

(Money GDP x Price index of base year) / price index of the current year

Current account

Balance of trade + primary income + secondary income flows