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Price Elasticity of Demand Assignment | Homework For You

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December 10th, 2019

Suppose you are a painter, and the price of a gallon of paint increases fro $3.00 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons amonth. Perform the following:

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Homework For You

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 relults. Get Economics homework help today

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