Gce Model Questions Vol1 2023 Economics Question 17
Practice objective / multiple choice question 17 from the 2023 Gce Model Questions Vol1 Economics examination.
The price of a good rises from \(£10\) to \(£12\) and the quantity demanded falls from 200 units to 150 units. Using the midpoint (arc) formula, calculate the price elasticity of demand. State whether demand is elastic, inelastic or unit‑elastic. Give the elasticity value to two decimal places.
Answer Options
About This Question
This is Gce Model Questions Vol1 2023 Economics Question 17. It is one of the objective questions from the 2023 Gce Model Questions Vol1 Economics examination.
Difficulty level: Easy .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.