The comma category has objects with and a set map. A morphism is an arrow such that . Composition and identities are those of . For , this is the category of elements of : objects are with and arrows satisfy .
Associate to the covariant representable functor . An arrow of gives, by precomposition, . Thus this is a diagram . There is a compatible natural map sending to .
Colimits in this functor category are pointwise. At an object , the induced map from the colimit sends a class represented by to . It is surjective because is represented by . It is injective because every representative with value is identified with that same canonical representative: the arrow in becomes an arrow of the indexing diagram sending to . These bijections are natural in , proving
Smallness of and set-valuedness of ensure that is small, so the displayed colimit is defined. This proves the introductory density request before the three equivalent conditions.
Assume preserves finite limits. Fix any set and a finite diagram of objects in . Let be the categorical limit of its underlying diagram in , with projections . Preservation gives . The maps form a compatible cone, so determine a unique with .
The object is the categorical limit in the comma category. Indeed a cone from gives a unique underlying , and the identities for all force by the categorical limit's uniqueness. For the empty diagram, is terminal and is a one-element set, giving the unique map from . Thus has all finite limits. This proves .
Take . By assumption has finite limits, so has finite colimits. A filtered category is nonempty, admits a cocone over every pair of objects, and admits a coequalizing arrow for every parallel pair. The initial object of gives nonemptiness, its binary coproducts give the required two-object cocones, and its coequalizers equalize parallel arrows. Consequently . These statements also handle the otherwise possible empty category of elements.
Every covariant representable functor preserves categorical limits: arrows from its representing object into a limiting object are exactly compatible cones of arrows into the diagram. Apply the density formula proved in the root solution. For any finite diagram ,
The middle isomorphism uses exactly the permitted theorem that filtered colimits commute with finite limits in sets; it applies because is filtered. All maps are the natural comparison maps, so preserves finite limits, including the terminal object. This proves and completes the equivalence.

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