Gce Model Questions Vol1 2025 Economics Question 5
Practice objective / multiple choice question 5 from the 2025 Gce Model Questions Vol1 Economics examination.
The demand for a product is observed at two price‑quantity pairs: \((P_{1}=20,\; Q_{1}=500)\) and \((P_{2}=30,\; Q_{2}=350)\).\n\n(a) Calculate the price elasticity of demand between these two points using the midpoint formula.\n(b) Based on the elasticity, state whether total revenue will increase, decrease or remain unchanged when price rises from ₦20 to ₦30.
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This is Gce Model Questions Vol1 2025 Economics Question 5. It is one of the objective questions from the 2025 Gce Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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