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Cheatography

Microeconomics Cheat sheet

This is a draft cheat sheet. It is a work in progress and is not finished yet.

Supply & Demand

Market
Consists of buyers & Sellers of a produc­t/s­ervice
Real price of a good
It's price relative to prices of other goods/­ser­vices
Demand Curve
How many buyers of a product wish to purchase at various prices (every­thing else constant)
 
Downwards sloping:
 

Elasticity