Neco 2022 Economics Question 14

Practice objective / multiple choice question 14 from the 2022 Neco Economics examination.

Neco 2022 Economics Objective / Multiple Choice Easy Difficulty
Question 14 NECO • 2022 • ECONOMICS • objective

The price of a commodity falls from ₦120 to ₦90 and the quantity demanded rises from 500 units to 650 units. Using the midpoint (arc) method, calculate the price elasticity of demand and indicate whether demand is elastic, inelastic or unit‑elastic.

Answer Options

A. -0.50 (inelastic)
B. -1.20 (elastic)
Correct Answer C. -0.91 (inelastic)
D. -1.00 (unit‑elastic)
Correct Answer
C
Correct Option:
-0.91 (inelastic)

About This Question

This is Neco 2022 Economics Question 14. It is one of the objective questions from the 2022 Neco Economics examination.

Difficulty level: Easy .

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