Post Utme Joseph Ayo Babalola University 2022 Economics Question 4

Practice objective / multiple choice question 4 from the 2022 Post Utme Joseph Ayo Babalola University Economics examination.

Post Utme Joseph Ayo Babalola University 2022 Economics Objective / Multiple Choice
Question 4 POST_UTME_JOSEPH_AYO_BABALOLA_UNIVERSITY • 2022 • ECONOMICS • objective

The demand for a product is given by the equation Qd = 100 - 2P, where Qd is the quantity demanded and P is the price. If the supply of the product is given by the equation Qs = 2P - 10, what is the price elasticity of demand at a price of $15?

Answer Options

A. \( \text{Unit elastic} \)
Correct Answer B. \( \text{Inelastic} \)
C. \( \text{Perfectly elastic} \)
D. \( \text{Perfectly inelastic} \)
Correct Answer
B
Correct Option:
\( \text{Inelastic} \)

About This Question

This is Post Utme Joseph Ayo Babalola University 2022 Economics Question 4. It is one of the objective questions from the 2022 Post Utme Joseph Ayo Babalola University Economics examination.

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