Gce Model Questions Vol1 2019 Economics Question 27
Practice objective / multiple choice question 27 from the 2019 Gce Model Questions Vol1 Economics examination.
Given the linear demand equation \( Q_{d}=500-5P \) for a certain good, the price rises from ₦20 to ₦22. Using the midpoint (arc) method, calculate the price elasticity of demand over this interval and state whether demand is elastic, unit‑elastic or inelastic.
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About This Question
This is Gce Model Questions Vol1 2019 Economics Question 27. It is one of the objective questions from the 2019 Gce Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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