Business & Econ
Business & Econ: step-by-step Socratic AI tutors, core formulas, worked examples, and exam prep across High School, CÉGEP, and University.
High School & AP
CÉGEP & College
Assets = Liab + Equity📑 Financial Accounting
Accounting equation, journal entries, ledger, trial balance, income statement, balance sheet
Open Course Track & Prompts →MR = MC📈 Micro & Macroeconomics
Elasticity, market structures, monopolies, GDP calculation, inflation, fiscal & monetary policy
Open Course Track & Prompts →SWOT / 5 Forces🎯 Management & Strategy
Porter's Five Forces, SWOT analysis, organizational behavior, marketing segmentation
Open Course Track & Prompts →University & Honours
CAPM / WACC💹 Corporate Finance & Valuation
Discounted Cash Flow (DCF), WACC calculation, capital budgeting, CAPM model
Open Course Track & Prompts →Y = βX + ε📊 Econometrics & Data
Ordinary Least Squares (OLS) regression, Gauss-Markov theorem, multicollinearity, time series
Open Course Track & Prompts →1-Page Exam Sheet: Price Elasticity & Total Revenue
Inelastic demand (<1) moves in the SAME direction as price; Elastic demand (>1) moves in the OPPOSITE direction of price.
- 1. Midpoint Formula: (ΔQ / Avg Q) ÷ (ΔP / Avg P), avoids direction bias
- 2. Elastic (|Ed| > 1): Price ↑ causes Total Revenue ↓ (buyers switch away)
- 3. Inelastic (|Ed| < 1): Price ↑ causes Total Revenue ↑ (necessities like insulin)
Is a straight-line demand curve equally elastic everywhere?
No! Slope is constant, but elasticity is Elastic at the top (high P, low Q) and Inelastic at the bottom.
At what exact point is Total Revenue maximized?
At Unit Elastic (|Ed| = 1), the exact midpoint of a linear demand curve.
What does a positive Cross-Price Elasticity (+Exy) mean?
The two goods are Substitutes (e.g., Coke price ↑ → Pepsi demand ↑).