Simple calculation errors ruin good economics. When calculating complex percentages or the Keynesian Multiplier, ensure you use parentheses on your calculator to maintain the correct order of operations.
Amount in Currency B=Amount in Currency A×Exchange Rate of A to BAmount in Currency B equals Amount in Currency A cross Exchange Rate of A to B
. For example, it shows you the PED formula, but you must remember that a result > 1 is elastic, and < 1 is inelastic. 2. The "Paper 3" Power Players
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Never leave a number naked. Always append the correct notation: currency symbols ($, €, £), percentages (%), or millions/billions specified in the prompt.
Mastering the quantitative element of IB Economics HL is the fastest way to guarantee top marks. While essays leave room for subjective grading, math answers are binary: they are either right or wrong. By mastering the equations in the HL formula booklet, you lock in clear, undeniable marks that will push your score toward a Level 7.
The official IB booklet contains the "skeleton" formulas for: Elasticities (PED, YED, PES) Costs and Revenues (Marginal, Average, Total) Macro Indicators (GDP, CPI, Multiplier) International Trade (Terms of Trade) Simple calculation errors ruin good economics
is labor/variable input) Costs: Revenues: Profit:
Interpretation: Positive = Substitutes; Negative = Complements.
PED=%ΔQd%ΔPPED equals the fraction with numerator % cap delta cap Q sub d and denominator % cap delta cap P end-fraction For example, it shows you the PED formula,
In the HL-exclusive Paper 3, you’ll frequently use these heavy hitters: The Keynesian Multiplier:
CPI=Value of basket in specific yearValue of basket in base year×100CPI equals the fraction with numerator Value of basket in specific year and denominator Value of basket in base year end-fraction cross 100
Paper 3 frequently asks you to draw or alter graphs based on your calculations. Ensure your points align perfectly with your mathematical answers. If you'd like to narrow down your study focus, tell me:
The Quantity Theory of Money ( MV = PY ) uses flows over time. A common error is plugging in the money supply (stock) directly without considering velocity. Tip: The booklet won’t define velocity for you — memorize it: average number of times a currency unit is spent per year.