XED=%ΔQdx%ΔPyXED equals the fraction with numerator % cap delta cap Q sub d x end-sub and denominator % cap delta cap P sub y end-fraction Identifies relationships between two goods. Key Ranges: (Substitutes), (Complements), (Unrelated). Income Elasticity of Demand (YED)

: Total, Average, and Marginal Cost/Revenue; Profit Maximization ( Market Structures : Shut-down price ( ) and Efficiency points (Allocative: ; Productive: Macroeconomics GDP & Growth : Expenditure approach ( ); Real vs. Nominal GDP using the GDP Deflator.

Shows an inverse relationship between unemployment and inflation.

[ \textPPP exchange rate = \frac\textPrice of basket in domestic currency\textPrice of same basket in foreign currency ]

IB Paper 3 mark schemes allocate explicit marks for correct formulas and step-by-step substitution, even if the final mathematical calculation contains a minor arithmetic error.

YED=%ΔQd%ΔIncome (Y)YED equals the fraction with numerator % cap delta cap Q sub d and denominator % cap delta Income (Y) end-fraction

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Area above the supply curve and below the market price.

Breakdown of Total, Average, and Marginal Costs ( TCcap T cap C ATCcap A cap T cap C MCcap M cap C ) and Revenues ( TRcap T cap R ARcap A cap R MRcap M cap R Efficiencies: Formulas for Allocative Efficiency ( ) and Productive Efficiency ( Theory of the Firm (HL Only): Shutdown conditions ( ) and profit maximization ( Macroeconomics (Unit 3):

For each formula, write one easy example and one challenging exam-style example. Use past paper questions as inspiration.