Neco 2018 Economics Question 3

Practice essay / theory question 3 from the 2018 Neco Economics examination. This question covers Price Elasticity of Demand .

Neco 2018 Economics Essay / Theory
Topic: Price Elasticity of Demand
Question 3 NECO • 2018 • ECONOMICS • essay

A certain commodity has the following data: when its price increased from ₦200 to ₦250, the quantity demanded fell from 500 units to 400 units.

Question Parts

( a )
Calculate the price elasticity of demand using the midpoint method.
( b )
Classify the elasticity and explain what this implies for total revenue when price rises.

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About This Question

This is Neco 2018 Economics Question 3. It is one of the essay questions from the 2018 Neco Economics examination.

The question covers Price Elasticity of Demand .

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