Rules Flashcards
1
Q
Social cost= Private cost + ……..
A
External cost
2
Q
Social benefit= ……. + external benefit
A
Private benefit
3
Q
PED(Price elasticity of demand)=
A
% change in quantity demand(qD)/ % change in price
4
Q
New-old/ ?=percentage change
A
Old
5
Q
PED > 1
A
Elastic
6
Q
PED < 1
A
Inelastic
7
Q
PED = 1
A
Unitary elastic
8
Q
Price elasticity of supply(PES)= ?/ % change in price
A
% change in quantity of supply
9
Q
Total cost (TC)=
A
Fixed cost(FC) + variable cost(VC)
10
Q
Birth rate (BR)- death rate (DR)=
A
Population growth
+- net migration
11
Q
EG=?
A
GDP2 - GDP1/ GDP1 X 100
