Decide whether the demand for paint is elastic

Assignment Help Business Economics
Reference no: EM1319073

Q. Assume you are a painter also the price of a gallon of paint rises 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 also Elucidate how your calculations.

2. Decide whether the Demand for paint is elastic, unitary elastic or inelastic.

3. Elucidate your reasoning also interpret your results.

Reference no: EM1319073

Questions Cloud

Market basket utilized to calculate the cpi in aquilonia : The market basket utilized to calculate the CPI in Aquilonia is 4 loaves of bread, 6 gallons of milk, 2 shirts also 2 pairs of pants.
Performing the appropriate hypothesis test : She then selects a sample of 102 football players and finds that their average math SAT is 460. Use alpha =.01 to perform the appropriate hypothesis test.
Find the addition : Find the addition
Calculate a weighted aggregate price index : To find weighted aggregate price index using Laspeyres and Paasche method.
Decide whether the demand for paint is elastic : Decide whether the Demand for paint is elastic, unitary elastic or inelastic. Elucidate your reasoning also interpret your results.
Famous product liability claims : Discuss some other famous product liability claims. What were some of the claims? Did the company effectively handle any negative publicity?
Determining confidence interval for proportion of all voters : Determine a 95% confidence interval for proportion of all voters in favour of candidate.
Find the division : Find the division
Dissimilarity between two population mean : You know that all sociology majors study 2.5 hours per day with a standard deviation of 1.

Reviews

Write a Review

Business Economics Questions & Answers

  Profit of simultaneously pursuing both programs

What is the expected profit of simultaneously pursuing both programs.

  Society decided to reduce consumption

Assume that the society decided to reduce consumption also increase investment. Explain how would this change effect economic growth.

  Maximize your expected profits

Find the output you should produce in order to maximize your expected profits so that you can then determine your expected profits accurately.

  Inverse demand curve

Solve for steady-state level of captial and output. What savings rate would be necessary to achieve a steady-state output of 150.

  Keynes impact

Assessing the development of the discipline from today's perspective, how would Keynes's impact compare with that of your candidate.

  Supply and demand model

Use supply and demand model to explain the dramatic rise in the price of a college education.

  Checking with government economist

Elucidate however, in checking with government economists, Hanna finds that every capita disposable income is expected to rise.

  Simultaneous enactment of an investment tax credit

Government budget going from deficit to surplus and the simultaneous enactment of an investment tax credit.

  What the market price is given the price leaders output

Compute the profit-maximizing output for the price leader. Illustrate what the market price is given the price leader's output in (c). Elucidate how much does each competitive firm produce.

  Impact of a tax cut in an economy operating

What is the impact of a tax cut in an economy operating under a flexible exchange rate regime on household spending, interest rates.

  Caught up in broad social and economic disaster

Caught up in broad social and economic disaster that swept the Mediterranean basin during the twelfth century BCE, what seems to have happened to the civilization of people.

  Determine the minimum average cost

Although firm expects the order to be of 6 units, determine the minimum average cost of the firm with these different order sizes.

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