Ib Economics Hl Formula Booklet -
Microeconomics contains the highest density of mathematical calculations in the syllabus. You must be comfortable calculating elasticities, costs, revenues, and market efficiencies. Elasticities
11−MPCthe fraction with numerator 1 and denominator 1 minus cap M cap P cap C end-fraction
(Note: PED is always negative due to the law of demand, but economists usually look at the absolute value).
Slope (m)=ΔYΔX=Y2−Y1X2−X1Slope open paren m close paren equals the fraction with numerator cap delta cap Y and denominator cap delta cap X end-fraction equals the fraction with numerator cap Y sub 2 minus cap Y sub 1 and denominator cap X sub 2 minus cap X sub 1 end-fraction Section 5: Step-by-Step Problem Walkthrough Scenario: Finding Market Equilibrium and Shortage You are given the following functions for a market: Set 120−4P=20+6P120 minus 4 cap P equals 20 plus 6 cap P 100=10P100 equals 10 cap P P=10cap P equals 10 Step 2: Calculate the Equilibrium Quantity ( ) Plug back into either equation: ib economics hl formula booklet
Paper 3 frequently asks you to draw or alter graphs based on your calculations. Ensure your points align perfectly with your mathematical answers. If you'd like to narrow down your study focus, tell me:
CPI=Cost of Basket in Current YearCost of Basket in Base Year×100CPI equals the fraction with numerator Cost of Basket in Current Year and denominator Cost of Basket in Base Year end-fraction cross 100
Y=C+I+G+(X−M)cap Y equals cap C plus cap I plus cap G plus open paren cap X minus cap M close paren = Consumption = Investment = Government Spending = Net Exports (Exports - Imports) Mentally tag three things:
You must:
Essential for international trade and development metrics. Terms of Trade (ToT): Marshall-Lerner Condition: Gini Coefficient:
Moving between nominal and real values using the GDP deflator. ib economics hl formula booklet
The booklet provides the : $$ MV = PY $$ Where:
As soon as the exam starts, flip to the formula booklet. Do not start writing yet. Mentally tag three things: