two assignments below

There are 4 factors that influence the price elasticity of demand:

2-4 paragraphs

• The availability of substitutes
• The specific nature of the good
• The part of income spent on the good
• The time consumers have to buy the good

In a 2–4 paragraph Discussion Board post, discuss the following:

• Choose a product you have purchased in the past month from a clothing or shoe store.
• Describe how each 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?
• Comment on another student’s posting.

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1-2 page Word document

Details:

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.