Post Utme Redeemers University 2018 Economics Question 1

Practice objective / multiple choice question 1 from the 2018 Post Utme Redeemers University Economics examination.

Post Utme Redeemers University 2018 Economics Objective / Multiple Choice
Question 1 POST_UTME_REDEEMERS_UNIVERSITY • 2018 • ECONOMICS • objective

Determine the price elasticity of demand for a product whose price elasticity of demand is 0.5 and the quantity demanded decreases by 20% when the price increases by 10%.

Answer Options

A. Unit Elasticity
B. Inelastic Demand
Correct Answer C. Elastic Demand
D. Perfectly Elastic Demand
Correct Answer
C
Correct Option:
Elastic Demand

About This Question

This is Post Utme Redeemers University 2018 Economics Question 1. It is one of the objective questions from the 2018 Post Utme Redeemers University Economics examination.

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