Post Utme Greenfield University 2023 Economics Question 18

Practice objective / multiple choice question 18 from the 2023 Post Utme Greenfield University Economics examination.

Post Utme Greenfield University 2023 Economics Objective / Multiple Choice
Question 18 POST_UTME_GREENFIELD_UNIVERSITY • 2023 • ECONOMICS • objective

The demand for a product is said to be elastic if the percentage change in the quantity demanded is greater than the percentage change in the price. What is the formula for elasticity of demand?

Answer Options

Correct Answer A. %ΔQd/%ΔP
B. %ΔP/%ΔQd
C. %ΔQd + %ΔP
D. %ΔQd - %ΔP
Correct Answer
A
Correct Option:
%ΔQd/%ΔP

About This Question

This is Post Utme Greenfield University 2023 Economics Question 18. It is one of the objective questions from the 2023 Post Utme Greenfield University Economics examination.

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