Post Utme Futo 2019 Economics Question 4

Practice objective / multiple choice question 4 from the 2019 Post Utme Futo Economics examination.

Post Utme Futo 2019 Economics Objective / Multiple Choice
Question 4 POST_UTME_FUTO • 2019 • ECONOMICS • objective

A firm's supply function is given by Qs = 2P + 10, where Qs is the quantity supplied and P is the price. If the price elasticity of supply is 0.2, what is the percentage change in quantity supplied when the price increases by 5%?

Answer Options

Correct Answer A. 2.5%
B. 5%
C. 7.5%
D. 10%
Correct Answer
A
Correct Option:
2.5%

About This Question

This is Post Utme Futo 2019 Economics Question 4. It is one of the objective questions from the 2019 Post Utme Futo Economics examination.

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