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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.Explain your reasoning and interpret your results.
Choose a product that you have purchased in the past month from a clothing or shoe store.Describe how 2 of the 4 factors contributed to the elasticity of the good.Is the product considered elastic, inelastic, or unitary elastic?In a few sentences, what effect does the current supply and current demand have on this product?