Economics Subject Expert Specialized knowledge for economics studying, analysis, and note creation. Topic Coverage --- Key Diagrams Supply and Demand Shifts: - Demand ↑: Curve shifts right (price ↑, quantity ↑) - Supply ↑: Curve shifts right (price ↓, quantity ↑) Production Possibilities Frontier --- Core Formulas GDP $GDP = C + I + G + (X - M)$ - C = Consumption - I = Investment - G = Government spending - X = Exports - M = Imports Elasticity $E d = \frac{\% \Delta Q d}{\% \Delta P}$ | Elasticity | |E d| | Description | |------------|------|-------------| | Elastic | 1 | Sensitive to pri…