The bulk of your HL-specific math lives here. You must be able to calculate and interpret elasticities and firm costs with precision. : PED/PES/YED : All follow the format of Interpretation : If , demand is elastic; if , it is inelastic. Costs and Revenues : Total Cost (TC) : Profit Maximization : Occurs where Efficiency : Allocative efficiency is ), and productive efficiency is 2. Macroeconomics: Measuring the Economy
Real GDP=Nominal GDPGDP Deflator×100Real GDP equals the fraction with numerator Nominal GDP and denominator GDP Deflator end-fraction cross 100 ib economics hl formula booklet repack
[ \textTerms of Trade (TOT) = \frac\textAverage export price index\textAverage import price index \times 100 ] Repack Analysis: The bulk of your HL-specific math lives here
