Identify the product classification code
Determine the customs value of the goods
Find the applicable tariff rate for the product and origin
Check for preferential trade agreement...
Identify total variable costs
Determine the quantity of output produced
Use the formula: Average Variable Cost = Total Variable Cost ÷ Quantity of Output
Divide the total...
Put both demand curves on the same price-quantity basis
For each price, add the quantities demanded from both curves horizontally
If the curves are individual demand...
Identify the market equilibrium quantity and price
Identify the efficient quantity and price
Find the quantity reduction caused by the distortion
Calculate the area of the deadweight...
Identify all players in the game
List each player’s available strategies
Determine each player’s payoff for every possible strategy combination
Find each player’s best response to the...
Find the country’s total GDP
Find the country’s total population
Divide GDP by population
Use the formula: GDP per capita = GDP ÷ population
Make sure GDP and...
Identify the total variable costs
Determine the quantity of output produced
Divide total variable costs by the quantity of output
Use the formula: Average Variable Cost =...
Identify the basket of goods and services
Choose the base year
Collect prices for each item in the basket in the base year and current year
Determine...
Identify the decision you need to make
List all available alternatives
Determine the benefits and costs of each alternative
Choose the best alternative you will give up
Compare...
Identify the total cost function, (C(q))
Identify the output quantity, (q)
Find the derivative of the total cost function with respect to quantity, (frac{dC}{dq})
Evaluate the derivative...
Identify the goods, services, or tasks to compare
Determine the opportunity cost of producing each one
Calculate how much of one good must be given up...
Use the formula: Price Elasticity of Demand = % change in quantity demanded / % change in price
Calculate the percentage change in quantity demanded
Calculate...
Identify the available choices
Determine the expected benefit of each choice
Determine the expected cost of each choice
Select the best alternative you are considering
Identify the value...
Identify the starting price level or Consumer Price Index (CPI)
Identify the ending price level or Consumer Price Index (CPI)
Subtract the starting value from the...
CPI = Consumer Price Index
Find the current CPI from the official statistics agency in your country
Use the same base year for both time periods
Get...
Identify the change in total cost
Identify the change in quantity produced
Divide the change in total cost by the change in quantity
Use the formula: Marginal...
Identify the options available
Determine the benefits and costs of each option
Choose one option
Identify the value of the next best alternative not chosen
Subtract the cost...
Identify the total cost function, C(q), where q is the quantity produced
Differentiate the total cost function with respect to quantity, q
Write the result as...
Identify the change in total cost
Identify the change in quantity produced
Divide the change in total cost by the change in quantity
Use the formula: Marginal...
Identify the goods or services being compared
Determine the opportunity cost of producing one good in terms of the other
Compare opportunity costs across producers, countries,...
Choose a base year
Identify the quantities of all final goods and services produced
Use base-year prices for each good and service
Multiply each quantity by its...
Identify the CPI for the current period
Identify the CPI for the previous period
Subtract the previous CPI from the current CPI
Divide the result by the...
Use the CPI values for two periods: current period and previous period
Subtract the previous CPI from the current CPI
Divide the result by the previous...
Identify the two variables you want to compare
Compute the percentage change in the dependent variable
Compute the percentage change in the independent variable
Divide the percentage...
Identify the market equilibrium quantity and price without the tax, subsidy, or distortion
Identify the new quantity traded after the tax, subsidy, or distortion
Calculate the...
Real interest rate = Nominal interest rate - Inflation rate
Use the same time period for both rates
If using annual rates, subtract annual inflation from...
Participation rate = (Number of participants / Total eligible population) × 100
Identify the total eligible population
Count the number of people who participated
Divide participants by...
MPC = change in consumption ÷ change in disposable income
Formula: MPC = ΔC / ΔYd
Find the change in consumption
Find the change in disposable income
Divide...
Find the country’s total GDP for a given year
Find the total population for the same year
Divide GDP by population
Use the formula: GDP per capita...
Determine the total revenue at one quantity level
Determine the total revenue at the next quantity level
Subtract the first total revenue from the second total...
