Neco 2021 Economics Question 9

Practice objective / multiple choice question 9 from the 2021 Neco Economics examination.

Neco 2021 Economics Objective / Multiple Choice Easy Difficulty
Question 9 NECO • 2021 • ECONOMICS • objective

When the price of a product rises from \(200\) to \(250\) naira, the quantity demanded falls from 500 units to 400 units. Calculate the price elasticity of demand and state whether demand is elastic, inelastic or unit‑elastic. Give the elasticity value to two decimal places.

Answer Options

Correct Answer A. -0.80 (inelastic)
B. -0.60 (inelastic)
C. -0.80 (elastic)
D. -1.00 (elastic)
Correct Answer
A
Correct Option:
-0.80 (inelastic)

About This Question

This is Neco 2021 Economics Question 9. It is one of the objective questions from the 2021 Neco Economics examination.

Difficulty level: Easy .

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