1. Explain how an increase in consumer income affects the equilibrium price and quantity of a normal good versus an inferior good. 2. Illustrate the concept of a shortage and a surplus in the context of a specific market, and discuss the adjustments that occur to reach equilibrium 3. Compare the price elasticities of demand for a necessity and a luxury item, and discuss their implications for pricing strategies. 4. A \10 increase in the price of good X leads to a \20 decrease in the quantity demanded. Determine the price elasticity of demand and discuss the type of elasticity. 5. Explain the concept of marginal utility and its relationship to consumer choice. Provide an example of diminishing marginal utility. 6. Analyze how a change in consumer income would affect the consumer's budget constraint and optimal consumption bundle. 7. Differentiate between fixed costs, variable costs, and total costs. Provide examples for each category. 8. Illustrate the concept of economies of scale and diseconomies of scale using cost curves. 9. Compare and contrast the characteristics of perfect competition and monopolistic competition. 10. Analyze the differences between a monopolist's profit-maximizing output and a perfectly competitive firm's output in terms of price and quantity