All formulas and calculations needed in Paper 2 Paper 3 - IB Economics

#IBEconomics #EconomicsCalculations #IBPaper3 In this video, we cover every calculation required for Paper 2 and Paper 3. This guide is designed to show you exactly how to approach these quantitative questions accurately under exam conditions. This video will illustrate and analyze the precise mathematical requirements to achieve maximum marks. First, we will examine microeconomic calculations, specifically how to calculate elasticities, the impact of government interventions like taxes and subsidies, and firm profitability. Next, we look at macroeconomic formulas, focusing on how to accurately calculate GDP, inflation, unemployment, and the Keynesian multiplier. We will also analyze global economy quantitative skills, demonstrating how to determine comparative advantage, exchange rate fluctuations, and the numerical effects of trade protection on stakeholders. Crucially, this comprehensive review is fully aligned with the post-2022 syllabus, ensuring you are studying exactly what is needed without wasting time on outdated requirements like linear demand functions. Timestamps: 00:00 - Intro 00:35 - Consumer surplus 02:56 - Producer surplus 04:32 - PED 05:34 - PES 06:22 - YED 07:20 - Indirect tax revenue 07:47 - Price ceilings 09:23 - Price floors 10:05 - Indirect tax 10:45 - Subsidies 12:01 - Effect on spending 13:03 - Effect on welfare 13:55 - Average revenue/cost 14:32 - Marginal revenue 15:11 - Marginal cost 15:47 - Profit 16:31 - Profit (Diagram) 17:50 - Nominal GDP 18:23 - Nominal GNI 19:16 - Real GDP & GNI 19:57 - Per capita 20:58 - Unemployment rate 21:46 - CPI basket 22:44 - Weighted price index 23:52 - Indirect tax 24:24 - Regressive tax 25:05 - Proportional tax 25:42 - Keynesian multiplier 26:10 - Effect on GDP 26:37 - Free trade 28:06 - Exports 28:58 - Imports 29:29 - Economic growth rate 29:47 - Comparative adv 30:39 - Tariff 31:50 - Quotas 32:58 - Expenditure 33:39 - Currency pricing 34:27 - Currency value 35:18 - Current account