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- Economics 1
- Clerici-arias
- Econ Equations

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Price elasticity of demand

percent change in quantity demanded

___________________

percent change in price

___________________

percent change in price

Income elasticity of demand

percent change in quantity demand

____________________

Percent change in income

____________________

Percent change in income

Average Total Cost (ATC)

TC/Q

*U-Shaped curve

Total Cost (TC)

the sum of fixed costs and variable costs

TC = TFC + TVC

Average Variable Cost (AVC)

VC/Q

total cost (TC)

AVC + ATC x Quantity

total average cost (AVC)

AVC X quantity

Total fixed cost (TFC)

TC-TVC

MC (Marginal Cost)

__ΔTC__

ΔQ

marginal product

Δ total product

______________

Δ variable cost

______________

Δ variable cost

marginal revenue

Δ total revenue

______________

Δ in quantity

______________

Δ in quantity

total revenue

price x quantity

economic profit

total revenue- total cost

Herfindahl-Hirshman Index

(S¹)²+(S²)²+(S³)²+......

Gini coefficient

the actual distribution to the curve of complete equality

____________________

the total area between the curves of complete equality and complete inequality

____________________

the total area between the curves of complete equality and complete inequality

rate of return

coupon + capital gain

_____________

price

_____________

price

GDP

C + I + G + Nx

consumption +investment+ governmental expenditure + net exports

consumption +investment+ governmental expenditure + net exports

Quantity thoery of money equation

MV=PY; M= money supply; V= velocity; P= price level; Y= Real output (GDP)

growth in money supply + growth in velocity =

inflation + growth in real GDP

Production function

AK^{1/3}L^{2/3}

Growth in productivity

growth in technology per capita + 1/3 growth in capital per capita

money multiplier

(1+k)

----------

(r+k)

----------

(r+k)

Real interest rate

nominal interest rate - inflation rate

Unemployment rate

Number of unemployed

_____________ x 100

Labor Force

_____________ x 100

Labor Force

GDP deflator

Nominal GDP

------------------------ x 100

Real GDP

------------------------ x 100

Real GDP

Labor force participation rate

Labor force

___________ x 100

Adult population

___________ x 100

Adult population

Marginal propensity to consume

change in consumption

___________ x 100

change in income

___________ x 100

change in income

Marginal propensity to save

Change in savings

-------------------- x 100

Change in Income

-------------------- x 100

Change in Income

guaranteed income at the poverty rate

B= G/t

About this deck

Author: Garmai G.

Created: 2014-06-07

Updated: 2014-06-08

Size: 29 flashcards

Views: 9

Created: 2014-06-07

Updated: 2014-06-08

Size: 29 flashcards

Views: 9

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