Summary
Summary IB Economics Formula Sheet
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Includes all formulas for microeconomics, macroeconomics and international economics of the IB economics HL curriculum.
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Complete notes for the 2022 IB Business Management course
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Formula sheet IB Economics HLDemand function:
𝑄𝑑 = 𝑎 − 𝑏𝑃
Qd = quantity demanded
P = price
a = Qd if price is zero
b = slope
Supply function:
𝑄𝑠 = 𝑐 + 𝑑𝑃
Qs = quantity supplied
P = price
a = Qs if price is zero
b = slope
Community surplus:
Consumer surplus + producer surplus = community surplus (total benefit to society)
% change for elasticities:
new value - old value
% change = × 100
old value
Price elasticity of demand (PED):
% change in Qd
PED =
% change in price
Cross elasticity of demand (XED):
% change in Qd of product X
XED =
% change in price of product Y
Income elasticity of demand (YED):
percentage change in Qd
YED =
% change in income of consumer
Price elasticity of supply (PES):
% change in Qs
PES =
% change in price
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