Let’s break down the repack by topic.
[ \textTerms of Trade (TOT) = \frac\textAverage export price index\textAverage import price index \times 100 ] Repack Analysis: ib economics hl formula booklet repack
Crucial Note: The IB syllabus emphasizes the for elasticity because it provides a consistent value regardless of whether price rises or falls. Let’s break down the repack by topic