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Econ 201 formulas Exam Questions and Answers 100% Pass

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Econ 201 formulas Exam Questions and Answers 100% Pass elasticity of demand/supply - Ed=(change in q/ change in p)(p/q) total revenue - TR=PQ Income elasticity - Ei=(change in q/change in I)(I/Q) cross-price elasticity of demand/supply - Ecp=% change in q demanded of good x/ % change in price of good y Consumer surplus - C.S.=demand1-demand P equilibrium) Q equilibrium/2 producer surplus - P.S.=supply P equilibrium-supply1)Q equilibrium/2 total surplus - TS=CS+PS deadweight loss - change in PS+ change in CS + change in gov funds change in D+ change in P/2 cost to government - PQ

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  • econ 201 formulas exam questions and answers 100

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Econ 201 formulas Exam Questions and
Answers 100% Pass


elasticity of demand/supply - ✔✔Ed=(change in q/ change in p)(p/q)


total revenue - ✔✔TR=PQ


Income elasticity - ✔✔Ei=(change in q/change in I)(I/Q)


cross-price elasticity of demand/supply - ✔✔Ecp=% change in q demanded of good x/

% change in price of good y


Consumer surplus - ✔✔C.S.=demand1-demand P equilibrium) Q equilibrium/2


producer surplus - ✔✔P.S.=supply P equilibrium-supply1)Q equilibrium/2


total surplus - ✔✔TS=CS+PS


deadweight loss - ✔✔change in PS+ change in CS + change in gov funds




change in D+ change in P/2


cost to government - ✔✔PQ


marginal utility - ✔✔MU=change in total utility/change in consumption




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