Ib Economics Hl Formula Booklet Repack -

TOT=Index of Export PricesIndex of Import Prices×100cap T cap O cap T equals the fraction with numerator Index of Export Prices and denominator Index of Import Prices end-fraction cross 100

%Δ Quantity%Δ Price/Income/Related Pricethe fraction with numerator % cap delta Quantity and denominator % cap delta Price/Income/Related Price end-fraction

Area below the demand curve and above the price line ( ib economics hl formula booklet repack

ΔTRΔQthe fraction with numerator cap delta TR and denominator cap delta cap Q end-fraction Profit and Rule-Based Conditions Profit Maximizing Output: Revenue Maximizing Output: Allocative Efficiency: Productive Efficiency: Short-Run Shutdown Decisions

the fraction with numerator % cap delta cap Q sub d cap A end-sub and denominator % cap delta cap P sub cap B end-fraction Costs & Revenue Total Revenue (TR) Marginal Cost (MC) TOT=Index of Export PricesIndex of Import Prices×100cap T

This sub-unit is critical for Paper 3. You must understand the relationship between costs, revenues, and profit. Average Revenue (AR): Marginal Revenue (MR):

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 Nominal vs

GDP=C+I+G+(X−M)cap G cap D cap P equals cap C plus cap I plus cap G plus open paren cap X minus cap M close paren : Consumption, : Investment, : Government Spending, : Exports, : Imports. Nominal vs. Real GDP:

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Area=12×Base×HeightArea equals one-half cross Base cross Height Unit 2 HL Extension: Theory of the Firm