The (officially the Economics formula sheet ) is provided during Paper 2 (Quantitative) and Paper 3 (HL only) .
HL students must calculate profit maximization. The formula booklet defines the condition for profit maximization, but students must be comfortable deriving variables. ib economics hl formula booklet
(Price Elasticity of Supply): % Δ in Qty Supplied / % Δ in Price Costs and Revenues Total Revenue (TR) : Price × Quantity Average Revenue (AR) : TR / Q (Always equals Price) Marginal Revenue (MR) : ΔTR / ΔQ Profit (π) : Total Revenue - Total Cost Average Cost (AC) : Total Cost / Q Marginal Cost (MC) : ΔTC / ΔQ 🌍 Macroeconomics Formulas These equations measure the health of a national economy. Economic Activity GDP (Expenditure Approach) : C + I + G + (X - M) C : Consumption I : Investment G : Government Spending X-M : Net Exports The (officially the Economics formula sheet ) is