Supply and Demand Price Floors/Ceilings Elasticity

1.Why does demand of a good usually drop when the price goes up? 2.Why does the supply of goods go up as price increases? 3.What is equilibrium point? 4.What is a price ceiling and why is it used? 5.What are the advantages and disadvantages of using a price ceiling? 6.What is a price floor? 7.What are the advantages and disadvantages of using a price floor? 8.What is the elasticity of demand? What are the three broad categories? 9.Why do producers pass the price of inelastic demand to consumers, but pay for cost increases in production of elastic demand? 10. There are economic consequence both good and bad of raising the minimum wage. In your opinion, should the minimum wage be raised in our country? Why or why not?