Compute the price elasticity of demand for paint

Reference no: EM13245720

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 gallons a month to 20 gallons a month. Perform the following:
Compute the price elasticity of demand for paint .
Decide whether the demand for paint is elastic, unitary elastic, or inelastic.

Reference no: EM13245720

Questions Cloud

What is the current after one time constant : A 525-? resistor, an uncharged 1.50-µF capacitor, and a battery with an emf of 6.31 V are connected in series, What is the current after one time constant

Suppose that a household in a two-period model has income : Suppose that a household in a two-period model has income of $30,000 in period 1 and $25,000 in period 2, and the interest rate is 75%. Assume that the price of the goods $1 in both periods. Suppose that the household decides to consume $26,000 in pe..

Explain and demonstrate that phosphoglycerate mutase : How would you demonstrate that phosphoglycerate mutase uses an enzyme bound phosphate

How diversification impacts them : Measures of Risk. Address each source of risk that is measured and relate it to two models addressed in this unit. Your response should be at least 250 words in length. You are required to use at least your textbook as source material for your respon..

Compute the price elasticity of demand for paint : 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 gallons a month to 20 gallons a month. Perform the following:

Explain mechanism of how atp synthase produces atp : explain the molecular mechanism of how ATP synthase produces ATP

What is the equilibrium temperature : if the sea level pressure of the atmosphere is 92.1 bars, and the density is 65.5 kg/m^3 what is the equilibrium temperature

What are real-world examples of government intervention tax : What are real-world examples of government intervention taxation and regulations? What are the goals of each?

Describe the living conditions for family and child : Write a letter to the Housing Authority and Health District about your previous living conditions for family and child that your landlord failed to fix. Also include that there was mold on walls and ceilings and the roof leaked.

User Account

All Pages