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eCPM is a bit of industry shorthand that seems here to stay. You’ve seen it listed in your AdSense reports; it means, “effective cost per thousand impressions.” So how is eCPM calculated, you ask?
eCPM is calculated by dividing total earnings by total number of impressions in thousands. It is a great performance measure for your various ad units, so when experimenting, you can use eCPM to compare your results.
Check out eCPM — what exactly is that? from Inside AdSense blog.