This is a question and answer assignment. The answers are to be answered thoroughly. The answers to the questions must be referenced from the corresponding chapters. I have uploaded chapters 3 and 4 on the files which is where the answers need to come from and no where else. Please do not site anything from the chapters but simply look at what the chapter says and then use that to answer the question thoroughly. Each answer will need to be 5-6 sentences and the answer will need to completely be from the chapter without being sourced. Again the answer you get from the chapter can be a reference that does not require a citation and is in your own words. The chapters and their questions are below with the correspondong chapters attached as word documents.
Chapter 3Illustrate the concept of Pareto efficiency.
Explain the role of alienable private property rights in markets and why voluntary trade takes place.
Define and apply the concept of comparative advantage.
Explain the difference between demand and supply functions versus demand and supply curves.
Distinguish between movements along supply and demand curves and shifts in the curves.
Explain the forces that move prices and quantities toward their equilibrium levels in a competitive market.
Explain why long-run demand and supply curves are generally more elastic than short-run curves.
Predict (qualitatively) the relative changes in price versus quantity when demand or supply changes in applied settings.
Define and interpret consumer and producer surplus; define and interpret deadweight loss in terms of the value of forgone gains from trade.
Explain the effects of price controls both within the supply and demand model and in real-world terms.
Chapter 4Define and mathematically express a demand function.
Explain the Law of Demand and the connection between declining marginal value and downward sloping demand curves.
Explain price elasticity and its relation to total revenue.
Define marginal revenue and discuss its relation to the demand curve, total revenue, and price elasticity.
Interpret and explain income and cross elasticities.
Identify differences between industry and firm demand.
Discuss network effects.