Equations Flashcards
1
Q
PED
A
% change in QD / % change in price
2
Q
PES
A
% change in QS / % change in price
3
Q
YED
A
% change in QD / % change in income
4
Q
XED
A
% change in QD of GOOD A / % change in price of GOOD B
5
Q
Real GDP
A
nominal GDP / GDP deflator
6
Q
Real GDP per Capita
A
real GDP / population
if nominal gdp is given, must change to real GDP first
7
Q
Bond Yield
A
coupon amount / market price
8
Q
Total revenue
A
price x quantity
9
Q
average revenue
A
Total revenue / quantity (or output)
10
Q
marginal revenue
A
change in total revenue / change of total quantity
11
Q
Total cost
A
fixed costs + fixed variable costs
12
Q
average costs
A
total costs / quantity
13
Q
marginal cost
A
change in total cost / change in total quantity
14
Q
Profit
A
Total revenue - Total costs
15
Q
Supernormal profit
A
(AR – AC) * Q2
