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Book 2 Formulae

BOOK 2 FORMULAE
Price Elasticity of Demand % change in quantity demanded % change in price % Qd % P (Q0 - Q1) (Q0 + Q1)/2 = (P0 - P1) (P0 + P1)/2 Cross Elasticity of Demand EC = % change in quantity demanded % change in price of substitute or complement =

100 100

EP =

Income Elasticity of Demand EI = % change in quantity demanded % change in income

Elasticity of Supply Es = % change in quantity supplied % change in price

Economic Profit Economic profit = Total revenue - (Explicit costs + Implicit costs)

Unemployment Rate Unemployment rate = Number of people unemployed 100 Labor force

where: Labor force = Number of people unemployed + Number of people employed.

Labor Force Prticipation Rate Labor force participation rate = Labor force 100 Working-age population

Employment-to-Population Ratio Employment-to-population ratio = Number of people employed 100 Working-age population

2010 Elan Guides

Book 2 Formulae

Consumer Price Index CPI = Cost of CPI basket at current prices Cost of CPI basket at base prices

100

Inflation Rate Inflation Rate = Current CPI - Last years CPI Last years CPI

100

Required Reserve Ratio Required reserve ratio = Required reserves / Total deposits Desired Reserve Ratio Desired reserve ratio = Desired reserves / Total deposits Cash Drain Ratio Cash drain ratio = Currency Deposits

Money Multiplier Money multiplier = total change in quantity of money = 1 +c change in monetary base r+c

Where: r = required reserve ratio c = currency drain ratio

Quantity Theory of Money MV = PY The Equation of Exchange in Terms of Growth Rates Money growth rate + Velocity growth rate = Inflation rate + Real GDP growth rate.

2010 Elan Guides