1-Normative 2-Positive 3-PCC 4-Inferior good slope 5-Budget Line slope 6-Quantity Supplied 7-Capitalism 8-Capitalism 9-Socialism 10-MRS 11-Utility 12- iso-cost 13-iso-quant 14-law of demand 1-Define Market curve (3 marks) 2-difference b/w cross elasticity and Income elasticity (3 marks) 1-Arc elasticity calculation (5 marks) 2-Income effect (5 marks)