Ib Economics Hl Formula Booklet Repack (2025-2027)

[ \textGDP Deflator = \frac\textNominal GDP\textReal GDP \times 100 ]

Elasticity measures how responsive consumers and producers are to changes in market conditions.

Terms of Trade Index=Index of Average Export PricesIndex of Average Import Prices×100Terms of Trade Index equals the fraction with numerator Index of Average Export Prices and denominator Index of Average Import Prices end-fraction cross 100 An in ToT occurs when the index rises. A deterioration in ToT occurs when the index falls. 2. Balance of Payments (BoP)

[ \textCurrent Account (CA) + \textCapital and Financial Account (KAFA) = 0 ] ib economics hl formula booklet repack

: Total, Average, and Marginal Cost/Revenue; Profit Maximization ( Market Structures : Shut-down price ( ) and Efficiency points (Allocative: ; Productive: Macroeconomics GDP & Growth : Expenditure approach ( ); Real vs. Nominal GDP using the GDP Deflator.

Measures responsiveness of quantity supplied to a change in price.

CS=12×Base×(Maximum Price Consumers Will Pay−Market Price)CS equals one-half cross Base cross open paren Maximum Price Consumers Will Pay minus Market Price close paren Measures responsiveness of quantity supplied to a change

A current account deficit must be financed by a surplus on the financial account.

GNI=GDP+Net Income from AbroadGNI equals GDP plus Net Income from Abroad

TOT=Index of Average Export PricesIndex of Average Import Prices×100TOT equals the fraction with numerator Index of Average Export Prices and denominator Index of Average Import Prices end-fraction cross 100 and Marginal Cost/Revenue

ΔTΔYthe fraction with numerator cap delta cap T and denominator cap delta cap Y end-fraction

Macroeconomics looks at the economy as a whole. You will need to calculate national output, inflation rates, and multiplier effects. 1. National Income (GDP)