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| Front | Back |
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Price elasticity of demand =
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[percent change in quantity demanded] /
[percent change in price]
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Percent change =
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[ending value - beginning value] /
[(ending value + beginning value) / 2]
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Cross elasticity of demand =
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[percent change in quantity demanded] /
[percent change in price of substitute or complement]
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Income elasticity of demand =
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[percent change in quantity demanded] /
[percent change in income]
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Price elasticity of supply =
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[percent change in quantity supplied] /
[percent change in price]
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Total cost =
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Total fixed cost + total variable cost
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Marginal cost =
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[change in total cost] /
[change in output]
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Average fixed cost =
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TFC / Q
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Average variable cost =
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TVC / Q
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Average total cost =
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AFC + AVC
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Unemployment rate =
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[number of unemployed / labor force] x 100
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Labor force participation rate =
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[labor force / working-age population] x 100
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Employment-to-population ratio =
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[number of employed / working-age population] x 100
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CPI =
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[cost of basket at current prices /
cost of basket at base period prices] x 100
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Inflation rate =
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[(current CPI - year-ago CPI) / year-ago CPI] x 100
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