Answers must be well thought, and detailed.

2. What are the demand schedule and the demand curve, and how are they related? Why does the demand curve slope downward?
3. Does a change in consumers’ tastes lead to a movement along the demand curve or to a shift in demand curve? Does a change in price lead to a movement along the demand curve or to a shift in demand curve? Explain your answers.
5. What are the supply schedule and the supply curve, and how are they related? Why does the supply curve slope upward?
7. Define the equilibrium of a market. Describe the forces that move a market toward all a good with an income elaits equilibrium.
8. Beer and pizza are complements because they are often enjoyed together. When the price rises, what happens to the supply, demand, quantity suppled, quantity demanded, and price in the market for pizza?
9. Describe the role of prices in market economics?

3. If the elasticity is greater than 1, is demand elastic or inelastic? If the elasticity equals zero, is demand perfectly elastic or perfectly inelastic?
4. On a supply-and-demand diagram show equilibrium price, equilibrium quantity, and the total revenue received by producers.
6. What do we call a good with an income elasticity less than zero?

Mankiw, N. G. (2016). Principles of Economics (8th ed.). New Delhi: Cengage Learning.