Suppose you are a painter, and the price of a gallon of paint increased from $3.00 a gallon to $3.50 a gallon. Your usage of paint drop from 35 gallons to 20 gallons a month.
1. Compute the price elasticity for paint and show calculations. Decide whether the demand for paint is elastic, unitary elastic, or inelastic.© BrainMass Inc. brainmass.com March 21, 2019, 8:26 pm ad1c9bdddf
Price elasticity for paint is calculated and Decision regarding elasticity included in the Solution.