Microeconomics midsem quick-reference guide

Description

This quick reference guide or "cheat sheet" is a high-level summary that compresses into a single table how changes in supply, demand, market structure, and policy affect price, quantity, consumer surplus, producer surplus, total surplus, and deadweight loss, explicitly accounting for different elasticity conditions. It is designed to be applied instantly under mid-semester exam time pressure, allowing you to check directions, welfare effects, and efficiency outcomes quickly without re-deriving graphs or intuition. Topics covered: 1. Increase in Supply 2. Decrease in Supply 3. Increase in Demand 4. Decrease in Demand 5. Price Ceiling 6. Price Floor 7. Tax on Sellers or Buyers 8. Subsidy to Producers or Consumers 9. Perfect Competitive Equilibrium 10. Monopoly / Market Power 11. Positive Externality 12. Negative Externality 13. Free Trade (Importing country) 14. Free Trade (Exporting country) 15. Tariff or Import Quota 16. Entry of New Sellers 17. Exit of Sellers 18. Public Good 19. Common Resource