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Advanced Supply & Demand, Government Intervention, Elasticity, and Consumer Choice: Exam-Ready Study Notes

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Market Equilibrium

Effects of Surplus

Effects of Shortage

Shifts in the Demand Curve

Shifts in the Supply Curve

Consumer Surplus and Willingness to Pay

Producer Surplus and Willingness to Sell

Economic Surplus and Efficiency

Price Ceilings, Price Floors, and Black Markets

Introducing Taxes and Tax Incidence

Effects of Taxes on a Market

Tax Equity

Percentage Change and Price Elasticity of Demand

Total Revenue Test

Income Elasticity of Demand

Cross-Price Elasticity of Demand

Price Elasticity of Supply