Gce Model Questions Vol1 2022 Economics Question 29
Practice objective / multiple choice question 29 from the 2022 Gce Model Questions Vol1 Economics examination.
The price of a good rises from \(\,\text{₦}20\) to \(\,\text{₦}25\). During the same period, the quantity demanded falls from 200 units to 160 units. Using the midpoint (arc) formula, calculate the price elasticity of demand. State the elasticity value to two decimal places and indicate whether demand is elastic, inelastic, or unit‑elastic.
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This is Gce Model Questions Vol1 2022 Economics Question 29. It is one of the objective questions from the 2022 Gce Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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