Neco 2024 Economics Question 17
Practice objective / multiple choice question 17 from the 2024 Neco Economics examination.
The demand for a product is given by \( Q = 500 - 5P + 2I \), where \(P\) is the price in naira and \(I\) is consumer income measured in thousands of naira. At a price of \(20\) naira and an income level of \(30\) (i.e., ₦30,000), calculate the price elasticity of demand (rounded to two decimal places).
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About This Question
This is Neco 2024 Economics Question 17. It is one of the objective questions from the 2024 Neco Economics examination.
Difficulty level: Medium .
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