Neco 2018 Economics Question 36

Practice objective / multiple choice question 36 from the 2018 Neco Economics examination.

Neco 2018 Economics Objective / Multiple Choice Easy Difficulty
Question 36 NECO • 2018 • ECONOMICS • objective

The price of a good rises from ₦200 to ₦250 and its quantity demanded falls from 500 units to 400 units. Calculate the price elasticity of demand using \( \displaystyle E_d = \frac{\% \Delta Q}{\% \Delta P} \) and state whether demand is elastic, inelastic or unitary.

Answer Options

A. -0.5 (inelastic)
Correct Answer B. -0.8 (inelastic)
C. 0.8 (elastic)
D. -1.2 (elastic)
Correct Answer
B
Correct Option:
-0.8 (inelastic)

About This Question

This is Neco 2018 Economics Question 36. It is one of the objective questions from the 2018 Neco Economics examination.

Difficulty level: Easy .

View More Neco 2018 Economics Questions More Neco Practice Questions Back to Questions

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Chat with Support