Any injection into the circular flow of income results in a larger final increase in national income.
Interpretation: An increase represents an improvement; a decrease represents a deterioration. Section 4: Economic Inequality & Development Metrics
PS=12×Base×HeightPS equals one-half cross Base cross Height Subsidy Expenditure: Theory of the Firm (HL Only) Total Revenue (TR): Average Revenue (AR): Marginal Revenue (MR):
Possessing this repackaged formula list is only half the battle. To maximize your score on Paper 3, incorporate these study habits: ib economics hl formula booklet repack
Gini Coefficient=AA+BGini Coefficient equals the fraction with numerator cap A and denominator cap A plus cap B end-fraction
[ \textCPI = \frac\textCost of basket in current year\textCost of basket in base year \times 100 ] [ \textInflation rate = \frac\textCPI \textnew - \textCPI \textold\textCPI_\textold \times 100 ]
: Paper 3 is strictly quantitative. Having these formulas memorized and internalized is the difference between a grade 5 and a grade 7. Any injection into the circular flow of income
TC=Total Fixed Cost (TFC)+Total Variable Cost (TVC)TC equals Total Fixed Cost (TFC) plus Total Variable Cost (TVC)
To help tailor this guide for your upcoming exams, let me know: Which or formula gives you the most trouble?
Always pay attention to the phrasing of the question. If asked for the opportunity cost of producing one more unit of Good X, the "Gain" goes in the denominator, and the "Loss" of Good Y goes in the numerator. Unit 2: Microeconomics To maximize your score on Paper 3, incorporate
To convert Currency A to Currency B, multiply by the exchange rate ( Balance of Payments (BoP) Current Account Balance: Financial Account Balance: BoP Identity: Terms of Trade (HL Only) Terms of Trade (ToT) Index:
%ΔQd%ΔIncomethe fraction with numerator % cap delta cap Q sub d and denominator % cap delta Income end-fraction :