ALL FORMULAE Flashcards
(17 cards)
1
Q
GNI
A
= GDP + (income from citizens abroad - income from foreigners within country)
1
Q
real GDP
A
= nominal GDP / price deflator * 100
2
Q
GDP per capita
A
= rGDP/population
3
Q
% change in rGDP
A
= (final - initial)/initial * 100
4
Q
labour force formula
A
= employed + unemployed
5
Q
unemployment formula
A
= number of unemployed / labour force * 100
6
Q
consumer surplus and producer surplus
A
base * height /2
7
Q
PED
A
%ΔQD/%ΔP
8
Q
YED
A
%ΔQd/%ΔY
9
Q
PES
A
%ΔQs/%ΔP
10
Q
total revenue
A
Price * Quantity
11
Q
Average Total cost
A
ATC = TC/Q
12
Q
Average fixed cost
A
AFC = TFC
13
Q
Total cost
A
AFC + AVC
14
Q
Marginal cost
A
ΔTC/ΔQ
15
Q
Average Variable Cost
A
AVC = TVC/Q
16
Q
A
