Post Utme Uniosun 2017 Economics Question 16

Practice objective / multiple choice question 16 from the 2017 Post Utme Uniosun Economics examination.

Post Utme Uniosun 2017 Economics Objective / Multiple Choice
Question 16 POST_UTME_UNIOSUN • 2017 • ECONOMICS • objective

The demand for a commodity is said to be elastic if the percentage change in the quantity demanded is greater than the percentage change in the price. What is the formula for calculating the price elasticity of demand?

Answer Options

Correct Answer A. ED = \frac{\%\,\text{change in quantity demanded}}{\%\,\text{change in price}}
B. ED = \frac{\%\,\text{change in price}}{\%\,\text{change in quantity demanded}}
C. ED = \frac{\text{change in quantity demanded}}{\text{change in price}}
D. ED = \frac{\text{change in price}}{\text{change in quantity demanded}}
Correct Answer
A
Correct Option:
ED = \frac{\%\,\text{change in quantity demanded}}{\%\,\text{change in price}}

About This Question

This is Post Utme Uniosun 2017 Economics Question 16. It is one of the objective questions from the 2017 Post Utme Uniosun Economics examination.

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