Decide whether the demand for paint is elastic unitary, Ask an Expert

Economics

Q. Assume you are a painter also the price of a gallon of paint increases 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 subsequent:

1. Compute the price elasticity of demand for paint also Demonstrate your calculations.

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

3. Explain you're reasoning also interpret your results.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M9219531

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