Q. Assume you are a painter, as well as the cost 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:
1. Calculate the cost elasticity of demand as well as for paint as well as show your calculations.
2. Decide whether the demand as well as for paint is elastic, unitary elastic, or inelastic.
3. Clarify your reasoning as well as interpret your results.