Formulae Flashcards
1
Q
Productivity
A
Inputs per time period
2
Q
Capacity Utilisation
A
Actual level of output
—————————————– X 100
Maximum possible output
Closer to full capacity
-> Fixed costs decrease
3
Q
Average costs per unit
A
Total output in period (units)
4
Q
Income elasticity of demand
YED
A
%∆ in income (Y)
5
Q
NOO
A
Original
6
Q
Total costs
A
Fixed costs
+
Variable costs
7
Q
Average variable costs
A
Output
8
Q
Average fixed costs
A
Output
9
Q
Average total costs
A
Average variable costs
+
Average fixed costs
10
Q
Gross Domestic Product
GDP
A
C + I + G + (X - M)
Consumption of goods and services +
Investment +
Government spending +
(Exports - Imports)
