Ib - Economics Hl Formula Booklet |verified|

CPI=Value of a specific basket in a given yearValue of the same basket in the base year×100CPI equals the fraction with numerator Value of a specific basket in a given year and denominator Value of the same basket in the base year end-fraction cross 100

%ΔQd%ΔPthe fraction with numerator % cap delta cap Q sub d and denominator % cap delta cap P end-fraction :

Even if your final calculation is mathematically incorrect due to a typing error on your calculator, the IB markscheme allows for OFR (Own Figure Rule) or partial credit if your initial formula setup was completely correct. Never just write down a raw number. ib economics hl formula booklet

for the interpretation rules (like YED values) that aren't included in the official booklet?

Economic Profit=Total Revenue−Economic Costs (Explicit + Implicit)Economic Profit equals Total Revenue minus Economic Costs (Explicit + Implicit) Market Equilibrium and Consumer/Producer Surplus CPI=Value of a specific basket in a given

Total Fixed Cost (TFC)Quantity (Q)the fraction with numerator Total Fixed Cost open paren cap T cap F cap C close paren and denominator Quantity open paren cap Q close paren end-fraction

Contrary to popular belief, the booklet is not a crutch for the unprepared. It is a precision tool. Here’s how to master it. ib economics hl formula booklet

ΔSavingsΔIncomethe fraction with numerator cap delta Savings and denominator cap delta Income end-fraction

You will frequently be required to calculate market equilibrium by setting demand and supply equations equal to each other (