Neco 2020 Economics Question 47
Practice objective / multiple choice question 47 from the 2020 Neco Economics examination.
Between two observations, the price of a product fell from \(200\) to \(150\) and the quantity demanded rose from 500 units to 800 units. Using the midpoint (arc) elasticity formula \( E = \frac{\Delta Q / \text{average } Q}{\Delta P / \text{average } P} \), calculate the price elasticity of demand. Give your answer rounded to two decimal places.
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About This Question
This is Neco 2020 Economics Question 47. It is one of the objective questions from the 2020 Neco Economics examination.
Difficulty level: Easy .
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