CFA Level 1 – Economics Question and answer already passed 2023
CFA Level 1 – Economics Question and answer already passed 2023Price Elasticity of Demand Formula (% Change in Quantity Demanded) / (%t Change in Price) Cross Elasticity of Demand Formula (% Change in Quantity Demanded) / (% Change in Price of Substitute or Complement) Income Elasticity of Demand Formula (% Change in Quantity Demanded) / (% Change in Income) Price Elasticity of Supply Formula (% Change in Quantity Supplied) / (% Change in Price) Elasticity of Demand Factors 1) Availability of Substitute; 2) Relative amount of income spent on the good; 3) Time SINCE price change Elasticity of Supply Factors 1) Available substitutes for resources (inputs) used to produce the goods; (2) the time that has elapsed since the price change Income elasticity of an Inferior Good- Positive or Negative Negative Total Cost Formula = Total Fixed Cost + Total Variable Cost Average Fixed Cost Formula Average Fixed Cost = TFC/Q Average Variable Cost Formula Average Variable Cost= TVC/Q Average Total Cost Formula = AFC + AVC Unemployment Rate Formula (Number of Unemployed) / (Labor Force) x 100
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