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

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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
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LFPR = 100 x (#labor force/# working-age population) Employment-to-population ratio
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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.

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

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