microeconomics and the market system, Microeconomics

Assignment Help:
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.

Related Discussions:- microeconomics and the market system

Consumers demand function, A consumer purchases food (X) and clothing (Y). ...

A consumer purchases food (X) and clothing (Y). Her utility function is given by: , income is $100 and the price of food is $1 and the price of clothing is Py. a. Derive the equ

Achievements of bretton woods instittutions, ACHIEVEMENTS OF BRETTON WOODS ...

ACHIEVEMENTS OF BRETTON WOODS INSTITTUTIONS: Some of the important achievements of the BW Institutions can be summarised as follows: 1) International reserves have increa

Change in the price of a related good, Change in the price of a related goo...

Change in the price of a related good: Goods relate to each other in two ways. Goods are either complements or substitutes. Complementary goods are goods with joint demand. The

Quality control - export strategy, Quality Control: Standards and sta...

Quality Control: Standards and standardisation, quality systems, certification and inspections, measurement systems, testing laboratories, their accreditation and calibration

Is economic development is based on goverment, Is economic development is b...

Is economic development is based on goverment Many governments--mainly unelected governments-aren't that interested in economic development. Giving valuable industrial franchis

Break-even point, How to I calculate the break-even point per unit in dolla...

How to I calculate the break-even point per unit in dollar amount and then determine whether there will be a profit or loss? Such as if the fixed costs were $75000. The variable co

PPF, draw a PPF when a hurricane slows down the nest two months of butter p...

draw a PPF when a hurricane slows down the nest two months of butter production?

Marginal utility approach, using the marginal utility approach discuss how ...

using the marginal utility approach discuss how economic theory explains the optimum pattern of consumption for an individual consumer

Cost sharing in higher education, Normal 0 false false fals...

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd