Assignment Name: Unit 2 Individual Project Deliverable Length: 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. Please submit your assignment. For assistance with your assignment, please use your text, Web resources, and all course materials. Unit Materials Points Possible: 150 Date Due: Sunday, Apr 03, 2011 Objective: Discuss supply and demand from a microeconomics perspective Submitted Files: Submit Assignment Score: N/A Instructor Comments: REQUIRED! Note: you MUST USE THE MID-POINT METHOD to calculate this elasticity (no need to use the initial value method) and answer this question as well: Based on your result, how would Total Revenue for firms in the market change as a result of the price increase? Would it increase, decrease or stay the same? (30/150)