Calculating the new equilibrium price, the change in consumer/producer surplus, and the government revenue or cost.
Always calculate percentage changes using the formula: ib economics hl formula booklet
This public link is valid for 7 days and shares a thread, including any personal information you added. This link or copies made by others cannot be deleted. If you share with third parties, their policies apply. Can’t copy the link right now. Try again later. Calculating the new equilibrium price, the change in
The booklet organizes formulas logically according to the core syllabus units. Here are the most critical formulas you will encounter and must master. 1. Microeconomics Formulas If you share with third parties, their policies apply
: The slope of the demand curve (responsiveness to price changes). : Quantity supplied when price is zero. : The slope of the supply curve. Finding Market Equilibrium: Set and solve for . Substitute back into either equation to find 3. Consumer and Producer Surplus
GDP=C+I+G+(X−M)GDP equals cap C plus cap I plus cap G plus open paren cap X minus cap M close paren Where: = Consumption, = Investment, = Government Spending, = Exports, = Imports.