Post Utme Igbinedion University 2024 Economics Question 33

Practice objective / multiple choice question 33 from the 2024 Post Utme Igbinedion University Economics examination.

Post Utme Igbinedion University 2024 Economics Objective / Multiple Choice
Question 33 POST_UTME_IGBINEDION_UNIVERSITY • 2024 • ECONOMICS • objective

A firm's demand function is given by the equation q = 100 - 2p, where p is the price. If the firm's supply function is given by the equation q = 2p - 10, find the elasticity of demand at the equilibrium price.

Answer Options

A. 0.5
Correct Answer B. 1.0
C. 1.5
D. 2.0
Correct Answer
B
Correct Option:
1.0

About This Question

This is Post Utme Igbinedion University 2024 Economics Question 33. It is one of the objective questions from the 2024 Post Utme Igbinedion University Economics examination.

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