Neco 2017 Economics Question 19

Practice objective / multiple choice question 19 from the 2017 Neco Economics examination.

Neco 2017 Economics Objective / Multiple Choice Easy Difficulty
Question 19 NECO • 2017 • ECONOMICS • objective

When the price of a product rises from \(\text{₦}200\) to \(\text{₦}250\), the quantity demanded falls from 500 units to 400 units. Using the midpoint method, calculate the price elasticity of demand over this range.

Answer Options

A. -2
Correct Answer B. -1
C. -0.8
D. -0.5
Correct Answer
B
Correct Option:
-1

About This Question

This is Neco 2017 Economics Question 19. It is one of the objective questions from the 2017 Neco Economics examination.

Difficulty level: Easy .

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