8. For the following questions you may althor explain In point form OR which arewar In full sentences. a. Explain Adam Smith's theory of Market economy. (2 mania) b. Provide ONE reason why Karl Marx would disagree with Adam Smith. (V marks 17 IF THE PRICE WERE THE QUANTITY DEMANDED WOULD BE $2 100 thousand par wook $8 thousand par wook 34 45 thousand par wook 35 20 thousand par wook 3. Above Is the demand schedule for a dozen cobs of corn. Is the demand for cobs of corn alastic or Inelastic when the price Is Increased from $2 to $3! Explain your answer with calculations. ( marks for calculation, I monk for clockdry of demand) 2 - P1 Hint: Percentage Change in Price = P1 - X 100%