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Summary LEVEL 7 IB Economics Must-know diagrams SL/HL

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–– Compiled ALL diagrams you need to know (micro, theory of the firm, macro, international, development) –– LAST MINUTE CHEAT SHEET

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Compiled by @oatsnwaffles
Photo credits: Cambridge University Press 2012, tutor2u


Must-know diagrams
Microeconomics
Production Possibility Curve Market equilibrium ​Consumer & producer surplus ​PED along a demand curve




Price inelastic demand 0<PED<1​ ​Price elastic demand 1<PED ​Taxing on PED inelastic goods ​Taxing on PED elastic goods




Specific tax Ad valorem tax ​Price floor/min. price Price ceiling/max. price




Positive consumption externality​ ​Positive production externality ​ ​Negative production externality ​ ​Negative consumption
externality




Imposing indirect tax Advertising Direct provision Subsidy

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