Pls answer clearly

4. Applications and Extensions: Elasticity and Uncertainty (35 points) Elasticity . (11] points) Let Marshallian demand for good x1 he x1 = 4|] - 4311. a. (2 points] Calculate the general form for price elasticity ofdernand given this demand function h. (2 points] For a price p; = 4, calculate price elasticity ofdemand. Describe your answer with a magnitude, andjustify this response. c. (2 points] For a price p, = B, calculate price elasticity ofdemand. Describe your answer with a magnitude, andjustify this response. d. [2 points] Calculate the total expenditure elasticity when the price is p1 = 4. Given this answer, what would a decrease in price do to total expenditures? e. (2 points] Calculate the total expenditure elasticity when the price is p, = 3. Given this answer, what would a decrease in pride do to total expenditures? 5m2 2. (6 points] Let Marshallian demand for good 1', be x1 = 10n1+5n2l a. (2 points] Calculate the general form for income elasticity ofdemand given this demand function h. [2 points) For income m = ml] price :01 = 25, and p2 = 175, calculate income elasticity of demand. Describe your answer with a magnitude, and justify this response. c. (2 points] Given your answer in h., explain the meaning ofyour number and the descriptive magnitude to the layperson]. 5m2 3. (6 points) Let Marshallian demand for good x; be x1 = \"PH\"; a. (2 points] Calculate the general form for cross-price elasticity ofdernand given this demand function. h. [2 points) For income in = 400 price, p, = 25, and p2 = 175, calculate the cross-price elasticity ofdemand. Describe your answer with a magnitude, andjustify this response. c. (2 points] Given your answer in h.. explain the meaning ofyour number and the descriptive magnitude to the layperson].