economics

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?

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  1. Since you are studying Economics, you might like some of the following Economic Tutorials:

    http://search.yahoo.com/search?fr=mcafee&p=economics+tutorials

    Sra

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  2. 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:

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