Monday
April 20, 2015

Homework Help: economics

Posted by annie on Sunday, June 19, 2011 at 7:18pm.

You are a painter, and the price of a gallon of paint increases from $3.00 a gallon from 3.50 a gallon. your usage of paint drops from 35 gallons a month to 20 gallons a month. perform the following:

1. compute the price elasticity of demand for paint and show your calculations.
2. decide whether the demand for paint is elastic, unitary elastic, or inelastic.
3. explain your reasoning and interpret results?

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

miccoeconomics - you are a painter, and the price of a gallon of paint increases...
Microeconomics - Suppose you are a painter, and the price of a gallon of paint ...
home economics - compute the price elasticity of demand for paint and show ...
Microeconomics - Paint increase from $3.00 a gallon to $3.50 a gallon. The paint...
decimals - Mark wants to paint a mural. He has 1 1/3 gallons of yellow paint, 1 ...
PRE-ALGEBRA - Paint costs $21 per gallon is to be mixed with 6 gallons of paint ...
math - a painter is painting the ceiling of a square room. The walls are all 15 ...
Geometry - A man needs to repaint the two triangular gables on his house. Each ...
math - a local hardware store has a 10-gallon can of gray paint left over that ...
Algebra 1 - Buying paint in large quantities is often less expensive. Five 1-...

Members