Study Guides (238,653)
MGEA06H3 (53)
Iris Au (33)
Final

Equations that can be used on the exam.

2 Pages
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Department
Economics for Management Studies
Course
MGEA06H3
Professor
Iris Au
Semester
Winter

Description
SOME IMPORTANT EQUATIONS N Labour force = number of employed + number of unemployed N Unemployment rate = number of unemployed labour force 100% N Employment rate = number of employed adult population 100% N Labour-force participation rate = labour force adult population 100% N Using the Period-1 Bundle (hold quantity fixed to period 1) to Calculate the % Change in Price o Cost of Period-1 Bundle in Period 1 = P 1 B =1Price from period 1 Quantity from period 1 o Cost of Period-1 Bundle in Period 2 = P 2 B1= Price from period 2 Quantity from period 1 o Prices Risen = (Period-1 Bundle in Period 2 Period-1 Bundle in Period 1) Period-1 Bundle in Period 1 100% N Using the Period-2 Bundle (hold quantity fixed to period 2) to Calculate the % Change in Price o Cost of Period-2 Bundle in Period 1 = P 1 B =2Price from period 1 Quantity from period 2 o Cost of Period-2 Bundle in Period 2 = P 2 B =2Price from period 2 Quantity from period 2 o Prices Risen = (Period-2 Bundle in Period 2 Period-2 Bundle in Period 1) Period-2 Bundle in Period 1 100% N Using CPI to Calculate the % Change in Price o Cost of Base-Year Bundle in Period 1 = P 1 B 1 Price from period 1 Quantity from period 1 o Cost of Base-Year Bundle in Period 2 = P 2B = 1rice from period 2 Quantity from period 1 o CPI: CPI = (P B ) (P B ) 100% 1 1 1 1 1 CPI 2 (P 2B )1 (P 1B )1 100% o % Change in Prices = (CPI 2 CPI1) CPI1 100% N Using GDP Deflator to Calculate the % Change in Price o Cost of Current-Year Bundle in Period 1 = P 1 B2= Price from period 1 Quantity from period 2 o Cost of Current-Year Bundle in Period 2 = P 2 B2= Price from period 2 Quantity from period 2 o GDP Deflator: GDPD = (1 B 1 2P B 1 120% GDPD 2= (P 2 B 2 (P 1 B 2 100% o % Cha
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