microeconomics and the market system, Microeconomics

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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.

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