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ECO401 Economics Important Formulas For Lecture No 01 to Lecture No 02
ECO401 Economics Formula
Lesson 1-45
 
Price Elasticity of Demand=P€d = Percentage change in Quantity Demanded/ Percentage change in Price
 
Price Elasticity of supply=P€s = Percentage change in Quantity Supplied/ Percentage change in Price
  
 
Income Elasticity of Demand: Price Elasticity of Supply: Y€d = Percentage change in Quantity demanded/ Percentage change in Income
 
Cross-Price Elasticity of Demand: Pb€da = Percentage change in Demand for good a/ Percentage change in Price of good b
 
The quadratic demand function: Qd = 60 – 15P + P2
 
The formula of elasticity = (dQ / dP) (P/Q)
 
MARGINAL RATE OF SUBSTITUTION= MRS= dY = MUX
                                                                                dX     MUY
Profit=TR-TC
 
Average physical product =APP = TPPF/QF
 
Marginal physical product= ΔTPPF/ΔQF or MPPx=MPPL
                                                                         PX        PL
 
MARGINAL RATE OF TECHNICAL SUBSTITUTION= MRTS = Δ K/ Δ L
 
Total Cost (TC)= FC + VC
 
Average variable cost (AVC) = TVC/Q
 
Average fixed cost (AFC)= TFC/Q
 
MARGINAL COST (MC)= ΔTC/ΔQ
 
Total revenue=TR = P x Q.
   
Average revenue= AR = TR/Q
 
Marginal revenue= ΔTR/ΔQ
 
Slope of AR = dAR / dQ
 
Slope of MR = dMR / dQ
 
Net present value = PV – Purchase cost
   
Value added or GDP: Value of transaction
 
GDP = Sum of the value added by each of the firms
 
Growth rate of per capita income = Growth rate of total output - Growth rate of population
    
GDP Deflator = Nominal GDP / Real GDP
 
NNP = GNP – Depreciation allowance
    
GNP = GDP + Net factor incomes from abroad
 
NDP = GDP – Depreciation allowance
    
GDP at factor cost = GDP at market price – Indirect taxes
 
Per capita income= national income/ Total population of that country
   
NNP = GNP – Depreciation allowance
 
Real GDP year a = Nominal GDP year a X (Price Index base year / Price Index year a)
 
Growth rate in nominal GDP = Nominal GDP in year2- Nominal GDP in year1
 
AD = C + I + G + (X-M)
 
AD = AS, C + S + T = C + I + G + X – M
 
Y = AD = AS
  
Income = Expenditure = Output
 
Withdrawal = Injection= S + T + M = I + G + X
 
Marginal Propensity to Consume (MPC)= 1 – MPS or ΔC / ΔYd
 
Average propensity to consume (APC)= 1 – APS or C / Yd
 
Marginal propensity to save= MPS = 1 – MPC or MPS = ΔS / ΔYd
 
Average propensity to save= APS = 1 – APC or S / Yd
 
Real exchange rate= C = RER = PF x NER
                                                    PD
MULTIPLIER=k=1/(1-MPC)


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