Neco 2021 Economics Question 24
Practice objective / multiple choice question 24 from the 2021 Neco Economics examination.
The demand for a good is described by \(Q = 120 - 4P\), where \(P\) is the price in Naira and \(Q\) is quantity demanded. Compute the price elasticity of demand at \(P = 10\). Based on this elasticity, will a 5% increase in price increase or decrease total revenue?
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About This Question
This is Neco 2021 Economics Question 24. It is one of the objective questions from the 2021 Neco Economics examination.
Difficulty level: Medium .
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