Let $X$ be a set.
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Powersets as Sets of Functions I. The assignment $U\mapsto \chi _{U}$ defines a bijection
\[ \chi _{\webleft (-\webright )} \colon \mathcal{P}\webleft (X\webright ) \xrightarrow {\cong }\mathsf{Sets}\webleft (X,\{ \mathsf{t},\mathsf{f}\} \webright ), \]
for each $X\in \text{Obj}\webleft (\mathsf{Sets}\webright )$.
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Powersets as Sets of Functions II. The bijection
\[ \mathcal{P}\webleft (X\webright )\cong \mathsf{Sets}\webleft (X,\{ \mathsf{t},\mathsf{f}\} \webright ) \]
of Item 1 is natural in $X\in \text{Obj}\webleft (\mathsf{Sets}\webright )$, refining to a natural isomorphism of functors
\[ \mathcal{P}^{-1}\cong \mathsf{Sets}\webleft (-,\{ \mathsf{t},\mathsf{f}\} \webright ). \] -
Powersets as Sets of Relations. We have bijections
\begin{align*} \mathcal{P}\webleft (X\webright ) & \cong \mathrm{Rel}\webleft (\text{pt},X\webright ),\\ \mathcal{P}\webleft (X\webright ) & \cong \mathrm{Rel}\webleft (X,\text{pt}\webright ), \end{align*}
natural in $X\in \text{Obj}\webleft (\mathsf{Sets}\webright )$.