PLEASE SHOW ALL WORKING:

1. If the demand curve for comic books is expressed as Q= 50,000/p, then compute the price elasticity of demand and show your calculation step by step.
2. For two goods x and y, the individual's preferences are measured by the utility function (, ) = ^0.50.5, the price of good y is $10, income equals $100, and the price of good x increase from $5 to $10. Draw the price consumption curve for x and y and compute the slop of the price consumption curve. Show your calculation step by step.
3. For food (F) and clothing (C), the utility function for Emma can be represented as (, ) = CF please compute the marginal rate of substitution of clothing for food. Explain the economic meaning of the MRS for this question with number examples.
4. When Meghan's income was low, she could not afford vacations abroad. Her response to a pay raise is to spend more vacations in the countryside. Now that her income is high, a pay raise causes her to spend vacations abroad and go to countryside less. Draw a graph to best represent Meghan's Engle curve for vacations in the countryside. Explain the economic meaning of the slope of the Engle curve