 Solution

For the categorical presheaf $X$, its category of elements has objects $(C,x)$ with $x\in X(C)$. A morphism $(C,x)\to (D,y)$ is a morphism $f:C\to D$ satisfying $X(f)(y)=x$. Composition in a category is inherited from $\mathcal{C}$: if also $X(g)(z)=y$, then $X(gf)(z)=X(f)X(g)(z)=x$. The identity morphisms are inherited as well. The forgetful functor sends $(C,x)$ to $C$ and $f$ to $f$.

A universal element is a pair $(R,r)$ for which each $x\in X(C)$ is uniquely of the form $X(f)(r)$ for $f:C\to R$. Thus $(R,r)$ is a terminal object of the category of elements, with the variance appropriate to a categorical presheaf.

Given a universal element, defineThe defining uniqueness makes each map a bijection; $X(u){\psi }_C(f)={\psi }_{C^{\prime }}(fu)$ gives naturality for $u:C^{\prime }\to C$. Hence $\psi$ is a natural isomorphism and $X$ is a representable presheaf. Conversely, from a natural isomorphism $\psi :\mathcal{C}(-,R)\cong X$, take $r={\psi }_R(1_R)$. The Yoneda lemma gives ${\psi }_C(f)=X(f)(r)$; its bijectivity makes $(R,r)$ a universal element. Therefore the two descriptions coincide: