Econ formulas for midterm.docx

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Published on 21 Apr 2013
School
Ryerson University
Department
Economics
Course
ECN 204
Professor
X100
year basein basket market same of price
year specificin basket market of price
year specific ain
index price
X100
index price
GDP nominal
GDP Real
X100
GDP real
GDP nominal
deflator GDP
%100
GDP Real
GDP RealGDP Real
1year
1year 2year
Rate of growth of
real GDP
%100
C
CC
1year
1year 2year
PI
PIPI
The Inflation Rate
%100
forceLabour
Employed-forceLabour
POP
N
N
Y
POP
Y
personperGDP
Y = total real output
N = number of employed workers
POP = total population
y technologof level theA
resources naturalother and land ofamount the M
labour ofamount theL
capital physical ofamount theK
GDP realor output ofamount the Y
Where
),,,(
AMLKfY
100
base year in basket year-base of Cost yearcurrent in basket year-base of Cost
CPI
nominal
Real Wage wage
CPI for that period
The Real Interest Rate: i = nominal rate - rate of inflation
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