Post Utme Bowen University 2022 Economics Question 12

Practice objective / multiple choice question 12 from the 2022 Post Utme Bowen University Economics examination.

Post Utme Bowen University 2022 Economics Objective / Multiple Choice
Question 12 POST_UTME_BOWEN_UNIVERSITY • 2022 • ECONOMICS • objective

A firm is producing a good with a total revenue of ₦1,500 and a total \cost of ₦1,200. If the firm's profit is ₦300, what is the price elasticity of demand for the good?

Answer Options

Correct Answer A. The price elasticity of demand is 0.5.
B. The price elasticity of demand is 1.
C. The price elasticity of demand is 2.
D. The price elasticity of demand is 3.
Correct Answer
A
Correct Option:
The price elasticity of demand is 0.5.

About This Question

This is Post Utme Bowen University 2022 Economics Question 12. It is one of the objective questions from the 2022 Post Utme Bowen University Economics examination.

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