Neco 2023 Economics Question 30
Practice objective / multiple choice question 30 from the 2023 Neco Economics examination.
The price of a good falls from \( \text{₦}200 \) to \( \text{₦}150 \) and the quantity demanded rises from 500 units to 800 units. Using the midpoint (arc) method, calculate the price elasticity of demand and state whether demand is elastic, inelastic or unit‑elastic. Give the elasticity value to two decimal places.
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About This Question
This is Neco 2023 Economics Question 30. It is one of the objective questions from the 2023 Neco Economics examination.
Difficulty level: Easy .
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