Econ formulas

Question 1

Total Cost

Answer 1

Total fixed costs + Total Variable Costs

Question 2

Marginal Cost

Answer 2

Change in Total Cost / Change in Quantity

Question 3

Total Fixed Cost (TCF)

Answer 3

Total Cost - Total Variable Cost

Question 4

Total Variable Cost

Answer 4

Total Cost - Total Fixed Costs

Question 4

Average Cost

Answer 4

Average Fixed Costs + Average Variable Costs

Question 5

Marginal Cost

Answer 5

Change in Total Cost / Change in Quantity of Labor

Question 6

Average Product

Answer 6

Total Product / Quantity of Labor

Question 7

Marginal Product

Answer 7

Change in Total Product / Change in Quantity of Labor

Question 8

Total Revenue

Answer 8

Price x Quantity

Question 9

Average Revenue

Answer 9

Total Revenue / Quantity

Question 10

Average Utility

Answer 10

Total Utility / Quantity

Question 10

Marginal Revenue

Answer 10

Change in Total Revenue / Change in Total Quantity

Question 11

Marginal Utility

Answer 11

Change in Total Utility / Change in Quantity

Question 12

PED

Answer 12

(Q2 - Q1/Q1) / (P2 - P1/P1)
Change in quantity demanded / Change in price

Question 13

YED (Income Elasticity of Demand)

Answer 13

Change in Quantity Demanded / Change in Income

Question 14

Nominal GDP

Answer 14

Quantity Goods & Services Produced x Current Prices

Question 15

Real GDP

Answer 15

Nominal GDP / Price Index x 100

Question 16

GDP deflator

Answer 16

Nominal GDP / Real GDP x 100

Question 17

GNI

Answer 17

GDP + Net Factor Income

Question 18

Money multiplier

Answer 18

1 / 1 - MPC

Question 19

Unemployment Rate

Answer 19

Unemployed / Labor Force

Question 20

Martial Learner Condition

Answer 20

PED (exports) + PED (imports) > 1