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
While the IB itself does not provide a specific formula booklet for economics (unlike for mathematics), several excellent resources consolidate all the formulas you'll need.
Her first practice question asked for the Price Elasticity of Demand (PED) . She blanked. Was it percentage change in quantity over percentage change in price? Or the reverse? Panic rose. Then she opened the booklet. There it was, clean and simple: ib economics hl formula booklet
ΔTRΔQthe fraction with numerator cap delta cap T cap R and denominator cap delta cap Q end-fraction : Average Cost ( ACcap A cap C ) :
The booklet does include everything. You must memorize: CPI=Cost of Basket in Current YearCost of Basket
PS=12×Base×HeightPS equals one-half cross Base cross Height Theory of the Firm (Costs, Revenues, and Profits) Average Revenue (AR): Marginal Revenue (MR): Total Cost (TC): Average Total Cost (ATC): Marginal Cost (MC): Economic Profit ( ): 3. Macroeconomics Formulas (Unit 2)
The IB Economics HL Formula Booklet covers a range of topics, including: Was it percentage change in quantity over percentage
The Ultimate Guide to the IB Economics HL Formula Booklet: Master Your Quantitative Assessment