Waec Model Questions Vol1 2017 Economics Question 13

Practice objective / multiple choice question 13 from the 2017 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2017 Economics Objective / Multiple Choice Easy Difficulty
Question 13 WAEC_MODEL_QUESTIONS_VOL1 • 2017 • ECONOMICS • objective

When the price of wheat rises from N200 to N250 per bag, the quantity demanded falls from 10,000 to 8,000 bags, while the quantity supplied rises from 6,000 to 9,000 bags. Using the midpoint (arc) method, calculate the price elasticity of demand and the price elasticity of supply over this price change.

Answer Options

A. Elasticity of demand = -0.8; Elasticity of supply ≈ 2.0
B. Elasticity of demand = -1.2; Elasticity of supply ≈ 1.5
C. Elasticity of demand = -0.5; Elasticity of supply ≈ 2.5
Correct Answer D. Elasticity of demand = -1.0; Elasticity of supply ≈ 1.8
Correct Answer
D
Correct Option:
Elasticity of demand = -1.0; Elasticity of supply ≈ 1.8

About This Question

This is Waec Model Questions Vol1 2017 Economics Question 13. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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