Post Utme Uniport 2023 Economics Question 31

Practice objective / multiple choice question 31 from the 2023 Post Utme Uniport Economics examination.

Post Utme Uniport 2023 Economics Objective / Multiple Choice
Question 31 POST_UTME_UNIPORT • 2023 • ECONOMICS • objective

The concept of elasticity of demand refers to the responsiveness of the quantity demanded of a good to changes in its price. What is the formula for calculating the price elasticity of demand?

Answer Options

Correct Answer A. % \\frac{\\Delta Q}{Q} \\div \\frac{\\Delta P}{P}
B. % \\frac{\\Delta Q}{P} \\div \\frac{\\Delta P}{Q}
C. % \frac{\Delta Q}{Q} \times \frac{\Delta P}{P}
D. % \frac{\Delta Q}{P} \times \frac{\Delta P}{Q}
Correct Answer
A
Correct Option:
% \\frac{\\Delta Q}{Q} \\div \\frac{\\Delta P}{P}

About This Question

This is Post Utme Uniport 2023 Economics Question 31. It is one of the objective questions from the 2023 Post Utme Uniport Economics examination.

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