is the area between the line of perfect equality and the Lorenz curve, and
This is the "bread and butter" of the HL syllabus. You must be comfortable with:
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Average Revenue (AR)=TRQ=PAverage Revenue (AR) equals the fraction with numerator TR and denominator cap Q end-fraction equals cap P ib economics hl formula booklet
Microeconomics contains the highest density of mathematical calculations in the course, focusing heavily on elasticities, consumer/producer surplus, and market structures. Elasticities of Demand and Supply
Terms of Trade=Index of Average Export PricesIndex of Average Import Prices×100Terms of Trade equals the fraction with numerator Index of Average Export Prices and denominator Index of Average Import Prices end-fraction cross 100
The formula booklet is generally categorized by the main sections of the syllabus. 1. Elasticities (The Foundation) is the area between the line of perfect
Note: Always ignore the negative sign; treat PED as an absolute value. If , demand is elastic.
Interpreting the Lorenz Curve to quantify income inequality. Tips for Success with the Formula Booklet
Real exchange rate = (Nominal exchange rate × Domestic price level) / Foreign price level I'll search for information about the booklet, what
ΔTRΔQthe fraction with numerator cap delta cap T cap R and denominator cap delta cap Q end-fraction : Average Cost ( ACcap A cap C ) :
You will frequently be required to calculate market equilibrium by setting demand and supply equations equal to each other (
If potential GDP is $1,000B, actual is $800B, and the multiplier is 4.
$$ Terms\ of\ Trade = \fracAverage\ export\ price\ indexAverage\ import\ price\ index \times 100 $$ If the result > 100, the country is better off (exports buy more imports).