Waec Model Questions Vol1 2021 Economics Question 22

Practice objective / multiple choice question 22 from the 2021 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2021 Economics Objective / Multiple Choice Easy Difficulty
Question 22 WAEC_MODEL_QUESTIONS_VOL1 • 2021 • ECONOMICS • objective

The price of a commodity rises from ₦200 to ₦250 and the quantity demanded falls from 1,200 units to 960 units. Using the midpoint method, calculate the price elasticity of demand and state whether demand is elastic, inelastic or unit‑elastic.

Answer Options

A. Elasticity = -2 (elastic)
B. Elasticity = -1.2 (elastic)
Correct Answer C. Elasticity = -1 (unit‑elastic)
D. Elasticity = -0.8 (inelastic)
Correct Answer
C
Correct Option:
Elasticity = -1 (unit‑elastic)

About This Question

This is Waec Model Questions Vol1 2021 Economics Question 22. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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