Neco 2022 Economics Question 9

Practice objective / multiple choice question 9 from the 2022 Neco Economics examination.

Neco 2022 Economics Objective / Multiple Choice Easy Difficulty
Question 9 NECO • 2022 • ECONOMICS • objective

The price of a commodity rises from ₦200 to ₦250, and the quantity demanded falls from 1,200 units to 960 units. Using the midpoint (arc) formula, calculate the price elasticity of demand and state whether demand is elastic, inelastic, or unit elastic.

Answer Options

A. -1.2
B. 1
Correct Answer C. -1
D. -0.8
Correct Answer
C
Correct Option:
-1

About This Question

This is Neco 2022 Economics Question 9. It is one of the objective questions from the 2022 Neco Economics examination.

Difficulty level: Easy .

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