final exam formula sheet

# final exam formula sheet - Formulas for Final Exam Chapter...

This preview shows pages 1–2. Sign up to view the full content.

Formulas for Final Exam Chapter 7 Price elasticity of demand ( d ε )= P Q d % % Price elasticity of supply ( s )= P Q s % % Income elasticity= Income Q d % % Cross-price elasticity= y d x P Q % % Chapter 14 GDP = C + I + G + (X – Z) Net exports = exports – imports Gross Investment = Net Investment + Consumption of Fixed Capital Real GDP = current output evaluated at base year prices Percentage change in real GDP = 100 x (new GDP – old GDP)/(old GDP) CPI = 100 x (current cost of base-period basket of goods)/(base period cost of base- period basket of goods) GDP deflator = 100 x (nominal GDP/real GDP) Percentage change in price index = 100 x (current price index – previous price index)/previous price index Unemployment rate = 100 x (# unemployed/# labor force) Labor force = # employed + # unemployed

This preview has intentionally blurred sections. Sign up to view the full version.

View Full Document
LFPR = 100 x (#labor force/# working-age population) Employment-to-population ratio
This is the end of the preview. Sign up to access the rest of the document.

## This note was uploaded on 02/26/2012 for the course ECON 210 taught by Professor Staff during the Fall '08 term at Purdue University-West Lafayette.

### Page1 / 2

final exam formula sheet - Formulas for Final Exam Chapter...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document
Ask a homework question - tutors are online