Please answer the following questions. Provide examples wherever needed and explaination

1. What is Economics? What is the difference between microeconomics and macroeconomics?

2. How do unemployment and economic growth affect the production possibilities curve? Explain with an example of your choice.

3. What is consumer demand? Explain the law of demand. Discuss the determinants of demand curve shifts.

4. What is individual's producer supply? Explain the law of supply. Discuss the determinants of supply curve shifts.

5. What is market equilibrium? Explain the changes in demand and supply and the effects on price and quantity.

6. What are the price ceiling and price flooring? Explain it with a relevant example.

7. What is elasticity of demand and supply ? Discuss determinants of elasticity of demand and supply.

8. What is cross elasticity? Discus the different types of cross elasticity.