close
    1. Home
      2. ›
    2. Social Science
      3. ›
    3. Economics
      4. ›
    4. 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 and show your calculations
    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 and show your calculations

    decide whether the demand for paint is elastic, unitary elastic or inelastic

    Answer this
    0  Views: 1104 Answers: 2 Posted: 12 years ago
    Comment this question

      2 Answers

      Your sample size of 1 ("Your Usage") is too small and is considered statistically insignificant.  However, the good news is you may call your professor at Stanford to enlighten you with such elasticity of demand. 

      12 years ago. Rating: 1
      Comment this answer

        ROMOS

        :-))))
        commented 12 years ago

        I would have flunked that class. Those questions are written by computer geeks who make up terms that no one heard of.

        12 years ago. Rating: 0
        Comment this answer



          Did this answer your question? If not, then ask a new question.

          Top contributors in Economics category

           
          ROMOS
          Answers: 36 / Questions: 0
          Karma: 1950
           
          Benthere
          Answers: 1 / Questions: 0
          Karma: 1230
           
          Colleen
          Answers: 45 / Questions: 0
          Karma: 1185
           
          jhharlan
          Answers: 27 / Questions: 0
          Karma: 1050
          > Top contributors chart

          Unanswered Questions

          emxinh24h
          Answers: 0 Views: 4 Rating: 0
          i9betsfund
          Answers: 0 Views: 3 Rating: 0
          sv368_gift
          Answers: 0 Views: 8 Rating: 0
          bxchaudoc
          Answers: 0 Views: 12 Rating: 0
          dev789wincom
          Answers: 0 Views: 13 Rating: 0
          grandeur palace phạm hùng
          Answers: 0 Views: 18 Rating: 0
          789Win – Trải nghiệm cá cược đỉnh cao với cơ hội thắng lớn mỗi ngày!
          Answers: 0 Views: 14 Rating: 0
          pg88events
          Answers: 0 Views: 15 Rating: 0
          > More questions...
          463971
          questions
          721903
          answers
          781078
          users