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: 1186 Answers: 2 Posted: 13 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. 

      13 years ago. Rating: 1
      Comment this answer

        ROMOS

        :-))))
        commented 13 years ago

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

        13 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

          789WIN Casino: Trai nghiem dat cuoc de dang, thang lon bat ngo!
          Answers: 0 Views: 7 Rating: 0
          esaacorg
          Answers: 0 Views: 11 Rating: 0
          Myfairplay
          Answers: 0 Views: 12 Rating: 0
          xocdia88streamelektromax
          Answers: 0 Views: 9 Rating: 0
          How Gardening Inspired Our Latest Game?
          Answers: 0 Views: 17 Rating: 0
          tg88bmcom
          Answers: 0 Views: 16 Rating: 0
          7776
          Answers: 0 Views: 11 Rating: 0
          kingfuncvfainad
          Answers: 0 Views: 13 Rating: 0
          > More questions...
          535897
          questions
          769756
          answers
          886506
          users