Microeconomics contains the highest concentration of mathematical calculations in the syllabus, focusing heavily on elasticities and firm theory. Price Elasticity of Demand (PED) : Cross Price Elasticity of Demand (XED) : Income Elasticity of Demand (YED) : Price Elasticity of Supply (PES) : Costs, Revenues, and Profits Total Revenue (TR) : Average Revenue (AR) : Marginal Revenue (MR) : Total Cost (TC) : (Total Fixed Cost + Total Variable Cost) Average Total Cost (ATC) : Marginal Cost (MC) : Economic Profit : (where TC includes both explicit and implicit costs) Government Intervention
[ GDP = C + I + G + (X - M) ]
The formula booklet is a safety net, but speed is vital in Paper 3. Use the repack to build muscle memory so you aren't searching for the Multiplier formula ( ) while the clock is ticking. Units Matter: ib economics hl formula booklet repack