Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

Assume that you are a painter, and the price of a gallon of paint rises from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the given:

1) find out the price elasticity of demand for paint and show your computations.

2) Decide whether the demand for paint is elastic, unitary elastic or inelastic.

3) Describe your reasoning and interpret your results. 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M921302

Have any Question? 


Related Questions in Microeconomics

Economicsthe theory of market economies emphasizes freedom

Economics The theory of market economies emphasizes freedom of choice and limited government intervention. The classic argument for government intervention is market failure - the inability of the market economy to corre ...

Research proposal economicsa proposal of your research in

Research Proposal Economics A proposal of your research in the form of a 2-page double-spaced typed paper (not including the cover page; use font number 12). Indicate your research topic, describe your research interest ...

Economic essayi want you to keep up with current events by

Economic essay I want you to keep up with current events by reading The Wall Street Journal or The New York Times (you have free access to these resources). When you find an article that deals in some way with a topic be ...

Assignmentthe soft drink and juice beverage industry is

Assignment The soft drink and juice beverage industry is very competitive with more companies entering the market each year. This week our case study is the Dr Pepper Snapple Group, a major player in the industry. Your a ...

Balance of payments and foreign exchange rates

Balance of Payments and Foreign Exchange Rates Assignment This assignment examines the balance of payments and foreign exchange rates. We will define and be able to identify the balance of payments, a closed economy, an ...

Part awe have discussed several examples of constrained

Part A: We have discussed several examples of constrained utility maximisation in lectures and in classes. For example, we have learned how to find the optimal bundle of goods consumed by an individual trying to maximise ...

Assignmenta positive guest experience is mainly the result

Assignment A positive guest experience is mainly the result of guests who have positive encounters and interactions with employees who provide the utmost quality service. Based on the hospitality industry you chose in As ...

Assignment1in homework 1 we solved the equilibrium in the

Assignment: 1. In homework 1 we solved the equilibrium in the beer market represented by the following supply and demand functions: Q d = 20 - 4p +2p w + 3Y + 15HOLIDAY Q s = -4 + 26p - 2p g - 1p t Q = pints of beer (in ...

Prepare 100 words summary for class discussioncreative

Prepare 100 words summary for class discussion Creative Destruction by W. Michael Cox and Richard Alm Joseph Schumpeter (1883-1950) coined the seemingly paradoxical term "creative destruction," and generations of economi ...

Answer these two questionthese is 2 econ question you need

Answer these two question These is 2 econ question, you need answer these by reading the article . you need give me the answer in 1 hour 1. Explain how settled agriculture led to civilization (meaning economic specializa ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate