Problemin a local hardware store the price of the store, Ask an Expert

Economics

Problem

In a local hardware store, the price of the store brand indoor house paint is $18 per gallon. The daily volume of sales is 30 gallons. The price elasticity of demand for the paint is estimated to be -3. Determine the demand equation for the paint assuming that it is linear.

View complete question

Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M92745566

Have any Question?Write your Review or question?

Related Questions in Microeconomics

Question recycling is a relatively inexpensive solution to

Question: Recycling is a relatively inexpensive solution to much of the environmental contamination from plastics, glass, and other waste materials. Is it a sound policy to make it mandatory for everybody to recycle? The ...

Question assume that a piece of property is purchased for

Question: Assume that a piece of property is purchased for $500,000. A 20% down payment is made and the rest is financed through a 30-year mortgage loan with a 5.25 % annual interest rate, compounded monthly. The loan wi ...

Question - paula deen runs a seafood restaurant in savannah

Question - Paula Deen runs a seafood restaurant in Savannah, Georgia. Her total revenue last year was $150,000. The rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food, and other var ...

Question consider the following parameters that describe an

Question: Consider the following parameters that describe an economy: C = 50 + 0.8YD I = 70 G = 200 TR = 100 t = 0.2 a. Calculate the equilibrium level of income and the multiplier in this model. b. Calculate the budget ...

Question consider the following model of trade between home

Question: Consider the following model of trade between Home and Foreign. Assume throughout that those two countries are the only two countries in the world, at least for purposes of trade. There are two goods: Tables an ...

Assignment 2 writing assignment costs and revenues

Assignment 2: Writing Assignment: Costs and Revenues Structures If viewing this through the Assignment tool, click the title above to go to the Submissions area. This assignment will enable you to: Create tables to illus ...

Question a small-volume foreign auto maker limits the

Question: A small-volume foreign auto maker limits the number of its franchised dealers in the United States and gives them exclusive territories. There are also non-dealers who have no official connection with the manuf ...

Question assume that the government levied a 10 tax on the

Question: Assume that the government levied a $10 tax on the consumers of mangoes. Illustrate graphically the different economics effects of the tax. 10. What are the characteristics of a laissez Faire system? What diffe ...

Question the financial crisis of 2007-2008 is considered by

Question: The financial crisis of 2007-2008 is considered by many economists to be the worst financial crises since the Great Depression of the 1930s. While both economists and non-economists have debated what the actual ...

Question assume that sunshine realty co borrowed 300000

Question: Assume that Sunshine Realty Co. borrowed $300,000 from Columbia First Bank and Trust. In recording the transaction, Sunshine erroneously recorded the receipt as a debit to Cash, $300,000, and a credit to Fees E ...

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

Recent Questions

Ask Microeconomics Expert