IGCSE Economics Formula list

price elasticity of demand - correct answer% change in quantity demanded / % change in price price elasticity of supply - correct answer% change in quantity supplied / % change in price % change in quantity demanded/quantity supplied - correct answerNew quantity-Old Quantity/Old quantity *100 %change in price - correct answerNew price-Old price/Old price*100 Social cost(economical use of resources) - correct answerprivate cost + external cost Social benefit(uneconomical use of resources) - correct answerprivate benefit + external benefit average product of labor - correct answertotal output/quantity of workers Average revenue product of labour - correct answerTotal revenue per period/quantity of workers Total cost - correct answerfixed cost + variable cost average cost - correct answertotal cost/total output total revenue - correct answerPrice per unit x Quantity sold average revenue(price) - correct answertotal revenue divided by the quantity of the product sold profit - correct answertotal revenue minus total cost