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Formula sheet

The formulas you'll reach for most often, gathered in one place.

Key ideas

  • Price elasticity of demand = %Δ quantity ÷ %Δ price
  • GDP (expenditure) = C + I + G + (X − M)
  • Profit = Total revenue − Total cost
  • Real value = Nominal value ÷ (Price index ÷ 100)

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