Sunday
December 21, 2014

Homework Help: Microeconomics

Posted by Michelle on Saturday, September 3, 2011 at 9:15pm.

Suppose you are a painter, and 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 gallon a month to 20 gallons a month.
Perform the following

Compute the price elasticity of demand for paint and show your calculations.

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

Explain your reasoning and interpret your results.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

economics - You are a painter, and the price of a gallon of paint increases from...
miccoeconomics - you are a painter, and the price of a gallon of paint increases...
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...
PRE-ALGEBRA - Paint costs $21 per gallon is to be mixed with 6 gallons of paint ...
math - natasha had 7/8 gallon of paint. her brother ivan took 1/4 gallon to ...
Algebra 1 - Buying paint in large quantities is often less expensive. Five 1-...
decimals - Mark wants to paint a mural. He has 1 1/3 gallons of yellow paint, 1 ...
Math - Mario is mixing paint for his walls. In a large container he mixes 1/6 ...
pre-algrebra - melind wants to paint the exterior lateral surface of her house. ...

Search
Members