Equations Flashcards
1
Q
Marginal Utility
A
Difference in total utility/change in quantity.
2
Q
Price Elasticity of demand
A
PED = %Change in QD/ %change in P
3
Q
Income elasticity of demand
A
YED = %Change in QD/ %change in income.
4
Q
Cross Elasticity of demand
A
XED = %change QDa/ %change Pb
5
Q
Price Elasticity of supply
A
PES = %changeQS/%changeP
6
Q
Consumption Externalities
A
MSB = MPB + MEB
7
Q
Production Externalities
A
MSC = MPC + MEC
8
Q
Revenue
A
TR = price x quantity
9
Q
productivity
A
Total output / Total workers
10
Q
Marginal cost
A
Change in TC/ Change in Q
11
Q
Real GDP
A
Nominal GDP/Inflation Index x 100
12
Q
GDP per capita
A
Total GDP/population
13
Q
Unemployment rate
A
No. of unemployed/labour force population
14
Q
Aggregate Demand
A
AD = C + I + G + (X-M)
15
Q
Multiplier
A
1/ (1-MPC)
