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STEP 02 — AI Results

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Summary

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STEP 03 — Key Topics

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Supply & Demand94%

Market Equilibrium & Price87%

Price Elasticity of Demand82%

Consumer & Producer Surplus76%

GDP Components71%

Fiscal Policy65%

Public Goods & Externalities58%

STEP 04 — Keyword / Formula

AI lays out every key term and formula in the order they appear on the slides, tagged Core / Key / Ref so you know what to lock in first.

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p.2FormulaCoreMarket Equilibrium

Q_d(P^*) = Q_s(P^*)

Equilibrium occurs at the price where quantity demanded equals quantity supplied.

p.6FormulaCorePrice Elasticity of Demand

E_d = \frac{\%\,\Delta Q_d}{\%\,\Delta P}

Percentage change in quantity demanded per percentage change in price. |Ed| > 1 means elastic.

p.6KeywordKeyConsumer Surplus

The gap between what consumers are willing to pay and the actual price paid.

p.7KeywordRefExternalities

Costs or benefits affecting a third party who did not choose to incur them.

STEP 05 — Mock Exam

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If supply decreases and demand remains constant, what happens to the equilibrium price?

STEP 06 — AI Tutor

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