Original Booklet: [ \textPED = \frac%\Delta QD%\Delta P ] Repack Annotation:
Use the midpoint formula for arc elasticity: (Q2-Q1)/((Q1+Q2)/2) ÷ (P2-P1)/((P1+P2)/2)

Original Booklet: [ \textXED = \frac%\Delta QD \text of Good A%\Delta P \text of Good B ] Repack Annotation:
XED positive → substitutes (Coke/Pepsi). XED negative → complements (Printers/Ink).

Original Booklet: [ \textYED = \frac%\Delta QD%\Delta Y ] Repack Annotation:
YED > 1 = luxury (income elastic). 0 < YED < 1 = necessity.

Pro Tip for HL Paper 3: The booklet gives you PED = 1.2, but the repack reminds you: "If PED > 1, a price decrease increases total revenue." This is a classic 4-mark calculation follow-up.

[ \textGDP Deflator = \frac\textNominal GDP\textReal GDP \times 100 ] ib economics hl formula booklet repack

[ \textMoney multiplier = \frac1\textReserve ratio ]

Macro formulas are the most dangerous because they are easy to confuse. Your repack must separate the Keynesian from the Monetarist formulas.

Advanced HL Addition: In your repack, add a specific line for the Equilibrium level of income (Y) involving the 45-degree line: Y = C + I + G + (X – M). Then expand C to a + bYd (where a = autonomous consumption, b = MPC, Yd = disposable income).

| Formula | Where it traps you | |---------|--------------------| | PED | Don’t forget the midpoint formula in HL? (They give standard % change, but be careful if no starting point given) | | GDP deflator vs CPI | Deflator = domestic production only; CPI = consumer goods basket | | Money multiplier | Real-world leakages (cash, excess reserves) reduce it | | Linear demand/supply | Solve correctly for P then Q, then apply tax before recalculating | Original Booklet: [ \textPED = \frac%\Delta QD%\Delta P

For students navigating the rigorous landscape of the International Baccalaureate (IB) Economics Higher Level (HL) course, the Data Response Paper (Paper 3) is a unique challenge. Unlike Standard Level, HL students must grapple with quantitative tools—calculating elasticities, costs, revenues, and trade indices.

While the IB Organization provides an official formula booklet, it is often a dense, sterile document that can be difficult to navigate under exam pressure. This is where the concept of a "Repack" comes in.

[ PED = \frac%\Delta QD%\Delta P ]

The official Economics formula booklet (provided for the May and November exam sessions) is sterile. It lists formulas but rarely tells you why you use them or when. Macro formulas are the most dangerous because they

For example, the booklet lists:

But in the repack, we add the context: "PED < 1 = inelastic (taxes work here)" or "YED > 1 = luxury (luxury cars)."

Furthermore, for HL Paper 3 (the quantitative paper), you need advanced HL-specific calculations that the booklet presents in a very dry manner. The repack makes them visual and actionable.

Let’s break down the repack by topic.

Ib Economics Hl Formula Booklet Repack

Original Booklet: [ \textPED = \frac%\Delta QD%\Delta P ] Repack Annotation:
Use the midpoint formula for arc elasticity: (Q2-Q1)/((Q1+Q2)/2) ÷ (P2-P1)/((P1+P2)/2)

Original Booklet: [ \textXED = \frac%\Delta QD \text of Good A%\Delta P \text of Good B ] Repack Annotation:
XED positive → substitutes (Coke/Pepsi). XED negative → complements (Printers/Ink).

Original Booklet: [ \textYED = \frac%\Delta QD%\Delta Y ] Repack Annotation:
YED > 1 = luxury (income elastic). 0 < YED < 1 = necessity.

Pro Tip for HL Paper 3: The booklet gives you PED = 1.2, but the repack reminds you: "If PED > 1, a price decrease increases total revenue." This is a classic 4-mark calculation follow-up.

[ \textGDP Deflator = \frac\textNominal GDP\textReal GDP \times 100 ]

[ \textMoney multiplier = \frac1\textReserve ratio ]

Macro formulas are the most dangerous because they are easy to confuse. Your repack must separate the Keynesian from the Monetarist formulas.

Advanced HL Addition: In your repack, add a specific line for the Equilibrium level of income (Y) involving the 45-degree line: Y = C + I + G + (X – M). Then expand C to a + bYd (where a = autonomous consumption, b = MPC, Yd = disposable income).

| Formula | Where it traps you | |---------|--------------------| | PED | Don’t forget the midpoint formula in HL? (They give standard % change, but be careful if no starting point given) | | GDP deflator vs CPI | Deflator = domestic production only; CPI = consumer goods basket | | Money multiplier | Real-world leakages (cash, excess reserves) reduce it | | Linear demand/supply | Solve correctly for P then Q, then apply tax before recalculating |

For students navigating the rigorous landscape of the International Baccalaureate (IB) Economics Higher Level (HL) course, the Data Response Paper (Paper 3) is a unique challenge. Unlike Standard Level, HL students must grapple with quantitative tools—calculating elasticities, costs, revenues, and trade indices.

While the IB Organization provides an official formula booklet, it is often a dense, sterile document that can be difficult to navigate under exam pressure. This is where the concept of a "Repack" comes in.

[ PED = \frac%\Delta QD%\Delta P ]

The official Economics formula booklet (provided for the May and November exam sessions) is sterile. It lists formulas but rarely tells you why you use them or when.

For example, the booklet lists:

But in the repack, we add the context: "PED < 1 = inelastic (taxes work here)" or "YED > 1 = luxury (luxury cars)."

Furthermore, for HL Paper 3 (the quantitative paper), you need advanced HL-specific calculations that the booklet presents in a very dry manner. The repack makes them visual and actionable.

Let’s break down the repack by topic.