1. For review of Chapter 2; complete the set of questions / PowerPoints titled; Chapter 2 Peer review discussion. The questions will be uploaded in a file. 2. Prepare a short paper, to describe and explain the Law of Supply and then Law of Demand. You can combine the laws. Do this in a way that demonstrates that you have some understanding of the laws.There is a page that has the information on the book. 3. explain each expected outcome…. What effect will each of the following have on the demand for small automobiles such as the Mini-Cooper and Fiat 500? LO2 a. Small automobiles become more fashionable. b. The price of large automobiles rises (with the price of small autos remaining the same). c. Income declines and small autos are an inferior good. d. Consumers anticipate that the price of small autos will greatly come down in the near future. e. The price of gasoline substantially drops.