1.Represent the equation P=2Q+3P=2Q+3 in a graph and determine whether it is a demand curve or a supply curve.

2.Explain the rationale (reasons) behind an upward sloping supply curve? What are the factors that determine the elasticity of supply?

3.What is the law of supply, and what are the factors that cause shifts in supply?

4.What is being held constant when a demand curve for a specific product is constructed? Explain why a demand curve slopes downward and to the right?

5.Does the impact of tax on aggregate output apply to microeconomics or macroeconomics? Explain.

6.Explain the reason of supply curve to slope downward.

7.Explain the changes in price of airline tickets during summer using the demand and supply curve.

8.Use the law of diminishing marginal utility to explain why demand curves slope downward.

9.What is the difference between demand and quantity demanded?

10.Derive Phillip's curve and its effect on economy