Ib Economics Hl Formula Booklet Repack

%Δ Quantity%Δ Price/Income/Related Pricethe fraction with numerator % cap delta Quantity and denominator % cap delta Price/Income/Related Price end-fraction

[ \textYED = \frac%\Delta QD%\Delta Y ] Repack Annotation: YED > 1 = luxury (income elastic). 0 < YED < 1 = necessity. ib economics hl formula booklet repack

Given: PED for cigarettes = –0.4. Current price = $10, quantity = 1000 units. Government imposes a $2 specific tax. What is the new quantity demanded? ib economics hl formula booklet repack

However, simply possessing the booklet is not enough. This has given rise to the concept of a —a strategic reorganization and annotation of the formula booklet to turn it from a sterile reference document into a tactical weapon. ib economics hl formula booklet repack