Short / Long answer type questions. Lipids are amazing molecules as they are so diverse in chemical structure and function. Comment upon the statement.
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Solution
Lipids are made of carbon, hydrogen, ad little oxygen and are water-insoluble but get dissolved in organic solvents like ether, benzene, acetone etc.
Lipids could be simple fatty acids or glycerol. many lipids have both glycerol and fatty acids. some lipids have phosphorus and phosphorylated organic compound in them. Some lipids have more complex structures.
Lipids store energy, constitute plasma membrane, sometimes caused pathogenicity and some are used for the manufacture of antifertility pills.