Problems 1, 2, 3, 4, and 6 (pages 119-120). Additional problems: 1) Consider a good for which demand is given by the function D( p ) = 1,000 – 50 p ….

Problems 1, 2, 3, 4, and 6 (pages 119-120). Additional problems: 1) Consider a good for which demand is given by the function D( p ) = 1,000 – 50 p . i. State an expression for total expenditures on this commodity as a function of price. Ii. Is demand elastic, inelastic, or unit elastic at a price of p=5?