Decide whether the demand for paint is elastic

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Reference no: EM1319073

Q. Assume you are a painter also the price of a gallon of paint rises 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 following:

1. Compute the price elasticity of Demand for paint also Elucidate how your calculations.

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

3. Elucidate your reasoning also interpret your results.

Reference no: EM1319073

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