Microeconomics Ultimate Cheat Sheet
When price elasticity of demand coefficient is zero, the demand is perfectly inelastic When the cross-price elasticity is positive, the two goods are substitutes When the income elasticity is positive, the product is a normal good Total revenue test- When demand is inelastic, an increase in the price will increase the total revenue
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Macroeconomics Ultimate Cheat Sheet
lopiccolo.weebly.com3. ↑ Consumer Spending → Real GDP ↑ 4. ↑ Interest rates → Investment ↓ 5. ↑ Inflation → Real wages ↓ 6. ↑ Aggregate demand → Price level ↑ 7. ↑ SR Aggregate supply → Price level ↓ 8. ↑ Government Spending → Real GDP ↑ 9. ↑ Taxes → Disposable income ↓
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