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Suppose you are a painter, and the price

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Details: 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;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 your results.

 

Paper#24654 | Written in 18-Jul-2015

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