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Here is a list of some of the basic microeconomics formulas pertaining to revenues and costs of a firm. Remember when you’re using these formulas there are a variety of assumptions, namely, that the the
Real GDP NominalG DP CPIf∗ or thes ameyeara st he nominalfigure ×100 *CPI or GDP deflator Real Interest Rate Real Interest Rate = Nominal Interest Rate – Anticipated Inflation Rule of 70 year Doublingt ime %c hange per = 70 With 10% inflation, prices double in 70 10 =7 years. Slope Rise Run Tax Multiplier Tax Multiplier MPC MPS =−
• To aware of students the mathematical aspects of Economics. • To introduce the concept of interrelation and inter dependency of mathematical Economics. • To increase understanding of the application of the mathematical properties of Economics.
A firm has fixed cost of 300, variable cost of 10 per unit and sells a unit at the price of 16. 5.21 Graph total cost (FC, VC), total revenue and show profit/loss (Q = 0,10,...100) in the same diagram. 5.22 Calculate the break-even point (π = 0): Q, cost and revenue 5.23 Calculate the quantity where profit is 60.
Here is a very simple example: Even number. An even number is a natural number n that is divisible Definition 1.1 by 2. If n is an even number, then n2 is even. Theorem 1.2 PROOF. If n is divisible by 2, then n can be expressed as n=2k for some k ∈N. Hence n2 =(2k)2 =4k2 =2(2k2) which also is divisible by 2. Thus n2 is an even number as claimed.
Whether one is a conservative or a radical, a protectionist or a free trader, a cosmop olitan or a natio nalist, a churchman or a heath en, it is useful to know the causes and consequences of economic phenomena.
1. Introductory Topics I: Algebra and Equations 1.2. How to Solve Simple Equations 1.2 How to Solve Simple Equations In the equation 3x +10 = x +4 x is called a variable. An example with the three variables Y, C and I: Y = C +I Solving an equation means –nding all values of the variable(s) that satisfy the equation. 11/358
