Post Utme Madonna University 2022 Economics Question 3

Practice objective / multiple choice question 3 from the 2022 Post Utme Madonna University Economics examination.

Post Utme Madonna University 2022 Economics Objective / Multiple Choice
Question 3 POST_UTME_MADONNA_UNIVERSITY • 2022 • ECONOMICS • objective
Post Utme Madonna University 2022 Economics Question 3 diagram

The following diagram shows the supply and demand curves for a commodity. If the price elasticity of supply is 2 and the price elasticity of demand is 0.5, what is the change in quantity supplied and quantity demanded when the price increases by 10%?

Answer Options

Correct Answer A. Quantity Supplied: 10%, Quantity Demanded: 5%
B. Quantity Supplied: 5%, Quantity Demanded: 10%
C. Quantity Supplied: 15%, Quantity Demanded: 15%
D. Quantity Supplied: 20%, Quantity Demanded: 20%
Correct Answer
A
Correct Option:
Quantity Supplied: 10%, Quantity Demanded: 5%

About This Question

This is Post Utme Madonna University 2022 Economics Question 3. It is one of the objective questions from the 2022 Post Utme Madonna University Economics examination.

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