Post Utme Lautech 2021 Economics Question 35

Practice objective / multiple choice question 35 from the 2021 Post Utme Lautech Economics examination.

Post Utme Lautech 2021 Economics Objective / Multiple Choice
Question 35 POST_UTME_LAUTECH • 2021 • ECONOMICS • objective

The formula for calculating the elasticity of demand is given by: \( E_d = \frac{% \text{ change in quantity demanded}}{% \text{ change in price}} \). What does the term '% change in quantity demanded' represent in this formula?

Answer Options

Correct Answer A. The percentage change in the quantity demanded of the good
B. The percentage change in the price of the good
C. The percentage change in the income of the consumer
D. The percentage change in the price of a related good
Correct Answer
A
Correct Option:
The percentage change in the quantity demanded of the good

About This Question

This is Post Utme Lautech 2021 Economics Question 35. It is one of the objective questions from the 2021 Post Utme Lautech Economics examination.

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