microeconomics and the market system, Microeconomics

Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon t $3.50 a gallon. Your usage of paint drops from 35 gallons to 20 gallons a month. 1. Compute the price elasticiy of demand for paint and show the calculations. 2. Decide whether the demand for paint is elastic, unitary elastic, or inelastic. 3. Explain the reasoning and intepret the results.
Posted Date: 4/1/2012 8:01:46 PM | Location : United States

Related Discussions:- microeconomics and the market system, Assignment Help, Ask Question on microeconomics and the market system, Get Answer, Expert's Help, microeconomics and the market system Discussions

Write discussion on microeconomics and the market system
Your posts are moderated
Related Questions
Consumer Choice   * Decision making & Public Policy - Selecting from a non matching and matching grant to fund police expenditures

Marginal Product Theory a.    What is the MC of output in the short-run? b.    What is the MC of labor (employed)? c.    What is the short-run profit-maximizing decision

How do we measure economic growth and why do we need economic growth? (ii) What can governments do to stimulate economic growth and create jobs? (provide some current examples) (ii

Yuen, a travelling salesman for snake oil, can produce the stuff at a marginal cost of 1. There are 100 potential customers in Vernon, each of whom has the following demand functio

Valence Bond Theory Explains, but does not predict the shape. Valence Bond Theory Cannot explain colour and spectra. Valence Bond Theory Qualitative explanations; does not expl

Consider a person''s decision problem in trying to decide how many children to have. Although she cares about children and would like to have as many as possible, she knows that ch

Formal and Informal systems  - MRP System Most production systems are full of 'pushes' and 'pulls'. The formal system issues orders, ie 'pushes'. The informal system tries to