Post Utme Christopher University 2024 Economics Question 1

Practice objective / multiple choice question 1 from the 2024 Post Utme Christopher University Economics examination.

Post Utme Christopher University 2024 Economics Objective / Multiple Choice
Question 1 POST_UTME_CHRISTOPHER_UNIVERSITY • 2024 • ECONOMICS • objective

Determine the elasticity of demand for a commodity whose price elasticity of demand is 0.8 and the cross-price elasticity of demand with respect to a related commodity is 0.2. Assume that the income elasticity of demand is 0.5.

Answer Options

A. 0.6
B. 0.7
Correct Answer C. 0.8
D. 0.9
Correct Answer
C
Correct Option:
0.8

About This Question

This is Post Utme Christopher University 2024 Economics Question 1. It is one of the objective questions from the 2024 Post Utme Christopher University Economics examination.

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