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    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

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    0  Views: 1224 Answers: 2 Posted: 14 years ago
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      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. 

      14 years ago. Rating: 1
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        ROMOS

        :-))))
        commented 14 years ago

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

        14 years ago. Rating: 0
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