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Economics

Economics calculators — elasticity, real GDP, inflation, surplus, and the multiplier.

6 tools

Price Elasticity of Demand

Elasticity of demand from price and quantity, midpoint method.

Real GDP Calculator

Real GDP, nominal GDP, and the GDP deflator from any two.

CPI Inflation Rate Calculator

Inflation rate between two Consumer Price Index values.

Consumer & Producer Surplus

Consumer, producer, and total surplus from a linear market.

Comparative Advantage Calculator

Opportunity cost and comparative advantage for two producers.

Spending Multiplier Calculator

The multiplier and change in GDP from the marginal propensity to consume.

About economics tools

The core calculations of introductory economics — price elasticity of demand, real vs nominal GDP and the deflator, inflation from CPI, consumer and producer surplus, comparative advantage, and the spending multiplier. Each tool shows the formula and the working, for micro and macro coursework — distinct from the personal-money tools in Finance.

When to use these tools

Common economics tasks and the tool that handles each one.

Frequently asked questions

Common questions about economics — the concepts behind the tools above.

How do supply and demand determine price?
Demand shows how much buyers will purchase at each price and supply shows how much sellers will offer; the market settles at the equilibrium price where the two quantities are equal. If price is above equilibrium there is a surplus that pushes it down, and below it a shortage that pushes it up.
What is price elasticity of demand?
Price elasticity of demand measures how responsive quantity demanded is to a price change, calculated as the percentage change in quantity divided by the percentage change in price. Demand is called elastic when this value is greater than 1 (buyers are sensitive) and inelastic when it is less than 1 (buyers respond little).
What is the difference between real and nominal GDP?
Nominal GDP measures output using current prices, so it rises when either production or prices rise. Real GDP adjusts for inflation by using constant base-year prices, so it isolates the actual change in the quantity of goods and services produced and is better for comparing growth over time.
What do inflation and the CPI measure?
Inflation is the rate at which the general price level rises over time, meaning each unit of currency buys less. The Consumer Price Index (CPI) tracks the average price of a fixed basket of goods and services, and the percentage change in the CPI is a common measure of the inflation rate.

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