Neco 2019 Economics Question 47
Practice objective / multiple choice question 47 from the 2019 Neco Economics examination.
An inverse linear demand function is \( P = a - bQ \). At a price of \( \text{₦}20 \) the quantity demanded is 80 units and the price elasticity of demand at that point is \( -1.2 \). Assuming the same linear demand holds, find the price that maximizes total revenue. Give your answer in naira to two decimal places.
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About This Question
This is Neco 2019 Economics Question 47. It is one of the objective questions from the 2019 Neco Economics examination.
Difficulty level: Medium .
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