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Summary IB Economics SL Student Notes: Your Path to Exam Success
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Prepare to ace your IB Economics Standard Level (SL) exams with our meticulously crafted IB Economics SL Student Notes. These notes are essential for any SL student aiming to excel in their economics studies. We've taken the complexity out of economic concepts, offering crystal-clear explanations t...

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  • October 13, 2023
  • 12
  • 2022/2023
  • Summary

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stock }
•
Used
capacity
↳
producers spare capacity } avalible stock
supply elastic


stored : more elastic ( longer life + more Qs stored -
less scarce d)

perishable : more inelastic


capacity : half
capacity can still provide



The elastic your side)
more supply ,
the more
money ( producers
↳ better for producers

change in $ → oooiosrlñioocu
=

deadweight loss


1. Ban beer



Deadweight (welfare) consumption
'




loss sttax 2. Reduce consumer surplus
-




s



ex $10 es
=
rev
.

es
, gov .




P,
q
- - - -


p
✗




{
I

$2 GR
-0€ f surplus
=
Deadweight
-


A
producer
-




Pe loss
Rev -9
,



- - - - -
f f o lost of economical efficiency when the
socially
'
'
is not
$8 PS Ps
I 1
optimal quantity of gls produced
I 1 D
Q QE
;




2.7 Government in Markets
Reasons for gov . intervention

raise revenue to public service
-




pay

support producers
-




-



support for households on low income

influence the level
of production in markets ( reduce neg impact } subsidize good)
-

.




influence level of consumption
-




Indirect tax

i.
Ad valorem tax VAT (sales tax) fixed % you pay added to a price of a
good
,


↳
regressive =
spend more , pay more tax



of price given
i.
specific tax or
duty a set amount to good

, Market
Analysis of an indirect tax




Price ( thousand )
" cigarettes




$10 -
- -
- - - -
- - - -




y
l
l
l



l

l
l
l
l

l
l


$3 1


! D

50
( thousand)
Quantity


consumer d Consumer surplus

CS =
tbh =
500,000
CS =
f- bh
=
1-21201150,000 )
> consumer expenditure ( how much consumer spend)


( f =P ✗ Q = 500,000

10×50,000
=




Producer 2 Producer surplus

PS =
tbh =
175,000
=
f- (7) 150,000)

producer revenue ( how much
producer spend )

PE =P ✗ Q =
500,000

=
10×50,000

Government twin / losing



welfare d
Allocatively efficient

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