Calculations Flashcards
1
Q
PED (Price Elasticity of Demand)
A
% change in quantitiy demanded / % change in price
2
Q
YED (Income Elasticity of Demand)
A
% change in quantity demanded / % change in income
3
Q
Labour Productivity
A
output + number of workers = output per worker
OR
hours + units produced = hours per unit
4
Q
Capacity Utilisation
A
current output / potential output x100
5
Q
Aggregate Demand
A
consumption + investment + government spending + (exports - imports)
