A favorite trick of IB examiners is giving you the demand function (
Do timed past papers. Set a timer for 45 minutes (Paper 3 is 1 hour 15 minutes for two questions—so spend ~35 mins per question). Use the booklet like a crutch. If you look at the booklet more than 5 times per question, you are moving too slowly.
Instead, the IBO outlines specific quantitative requirements within the official IB Economics Guide (under the "Mathematical requirements" section). Because a dedicated booklet is not provided in the exam room, students must internalize these equations. Many schools, teachers, and online resources compile these required equations into unofficial "HL Formula Booklets" to assist students during their revision. What You Are Given in the Exam ib economics hl formula booklet
ΔTotal Revenue (TR)ΔQuantity (Q)the fraction with numerator cap delta Total Revenue (TR) and denominator cap delta Quantity (Q) end-fraction Profit Metrics and Rules Profit Maximization Rule: Revenue Maximization Rule: Allocative Efficiency Rule: Productive Efficiency Rule: Production occurs at minimum Average Total Cost (ATC)Average Total Cost (ATC) 3. Macroeconomics Formulas
Which or formula (e.g., linear market functions, Keynesian multiplier) gives you the most trouble? Share public link A favorite trick of IB examiners is giving
If you are currently enrolled in IB Economics at the Higher Level (HL), you have likely heard a mythical whisper from your seniors: “The Formula Booklet is your best friend.” But for many students, the official IB Economics HL Formula Booklet (published by the IBO) feels more like a cryptic puzzle than a lifesaver.
These are the essential quantitative formulas for HL students, often categorized as quantitative techniques. A. Microeconomics Formulas Price Elasticity of Supply (PES): Revenue, Cost, and Profit: Tax/Subsidy Calculation: B. Macroeconomics Formulas GDP/GNI Calculation: Inflation Calculation (CPI): Unemployment Rate: Keynesian Multiplier: C. Global & Development Economics Formulas Terms of Trade (ToT): Exchange Rates: 3. How to Use the Formula Booklet Efficiently in Exams If you look at the booklet more than
Total money received from selling a given quantity of output.
In the HL-specific Paper 3, you must be able to perform these calculations: : [(New - Old) / Old] × 100 Linear Demand Function : Qd = a - bP Linear Supply Function : Qs = c + dP
Unlike subjects such as Mathematics or Physics, the International Baccalaureate for the Economics HL exam. Students are expected to memorize all quantitative models and equations for use in Paper 2 (data response) and Paper 3 (quantitative methods).
The is not a document you simply look at—it's a tool you actively use, understand, and eventually internalize. It is your partner in navigating the quantitative demands of Papers 2 and 3. By finding a reliable formula sheet, breaking down each formula, and integrating them into a rigorous revision strategy, you can transform this set of equations from a source of anxiety into your greatest asset for achieving a Level 7.