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    If I were a painter and the price of my paint increased per galloon from $3.00 per galoon to $3.50 a galoon this causes my paint to drop from 35 galoons a month to 20 galoons a month. compute the price elasticity of demand for paint and show calculations., decide whether the demand is elastic, unitary elastic or inelastic, then how do I explain my reasoning and interpret my results?

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    Solution Preview

    price goes up from 3 to 3.5 => price went up by (3.5 - 3)/3 = ...

    Solution Summary

    This solution helps provide step by step calculations of elasticity.