Formula Booklet | Ib Economics Hl

Do the same for macro (Multiplier, Phillips Curve) and international (ToT, Marshall-Lerner).

The booklet provides the : $$ MV = PY $$ Where: ib economics hl formula booklet

Once a week, take a blank sheet of paper. Without looking, write down every formula from the booklet from memory. Then check. The ones you miss are your study priority. Do the same for macro (Multiplier, Phillips Curve)

Owning the booklet is not enough. You need to torture-test yourself. Then check

Why it matters: In a 15-mark policy question, simply stating who pays the tax is not enough. Using these formulas to show exactly what percentage of a $5 tax falls on consumers (e.g., 83.3% if demand is inelastic) turns a descriptive answer into a rigorous economic analysis. That’s HL distinction.

| Concept | Formula | |---------|---------| | PED | (%ΔQd) / (%ΔP) | | YED | (%ΔQd) / (%ΔY) | | XED | (%ΔQd good A) / (%ΔP good B) | | PES | (%ΔQs) / (%ΔP) | | Tax revenue | Tax per unit × Quantity after tax | | Consumer surplus (CS) | ½ × (max price − equilibrium price) × equilibrium Q | | Producer surplus (PS) | ½ × (equilibrium price − min price) × equilibrium Q | | Price floor/ceiling effects | Shortage/Surplus calculations (using linear demand/supply) |