As a painter $3 per gallon is 35 gallons of $105 per month. At $3.50 per gallon, drops to 20 gallons of $75 per month. Price range, the demand is relatively elastic. Calculation of Price Elasticity of Demand
As a painter $3 per gallon is 35 gallons of $105 per month. At $3.50 per gallon, drops to 20 gallons of $75 per month. Price range, the demand is…
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