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A Level Economics > Economics Formulas > Flashcards

Economics Formulas Flashcards

1
Q

How do you find out price elasticity of demand?

A

% Δ in quantity demanded ÷ % Δ in price

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2
Q

How do you find out income elasticity of demand?

A

% Δ in quantity demanded ÷ % Δ in income

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3
Q

How do you find out cross-elasticity of demand?

A

% Δ in quantity of A demanded ÷ % Δ in price of B

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4
Q

How do you find out price elasticity of supply?

A

% Δ in quantity supplied ÷ % Δ in price

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5
Q

How do you find out the average fixed cost?

A

Total Fixed Cost ÷ output (Q)

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6
Q

How do you find out average total cost?

A

Average Fixed Cost + Average Variable Cost

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7
Q

How do you find profit?

A

Revenue - cost

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8
Q

How do you find out average revenue?

A

total revenue ÷ output or AR = TR ÷ Q

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9
Q

How do you find out marginal revenue?

A

Δ total revenue

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10
Q

p = atc

A
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11
Q

How do you find out the marginal revenue product of labour?

A

Marginal physical product x marginal revenue or MPP X MR = MRP (low l’s)

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12
Q

How do you calculate elasticity?

A

Proportionate Δ in quantity of labour demanded ÷ proportionate Δ in the wage rate

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13
Q

How do you calculate wage elasticity of demand for labour?

A

percentage Δ in quantity of labour demanded ÷ percentage Δ in the wage rate

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14
Q

How do you calculate elasticity of supply of labour?

A

Proportionate Δ in quantity of labour supplied ÷ proportionate Δ in the wage rate

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15
Q

How do you find Gini coefficient?

A

Area A/ area A + area B

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16
Q

How do you find out social cost and social benefit?

A

Private cost + external cost and Private benefit + external cost

17
Q

How do you find out the rate of increase of real GDP?

A

Rate of increase of nominal GDP - rate of price inflation

A Level Economics (16 decks)

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