Neco 2023 Economics Question 15
Practice objective / multiple choice question 15 from the 2023 Neco Economics examination.
The demand for a product is given by \(Q = 200 - 5P\), where \(Q\) is quantity demanded and \(P\) is price in naira. If the price rises from \(\text{₦}30\) to \(\text{₦}36\), calculate the price elasticity of demand using the midpoint (arc) method. Give your answer rounded to one decimal place.
Answer Options
About This Question
This is Neco 2023 Economics Question 15. It is one of the objective questions from the 2023 Neco Economics examination.
Difficulty level: Easy .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.