Neco 2024 Economics Question 4

Practice objective / multiple choice question 4 from the 2024 Neco Economics examination.

Neco 2024 Economics Objective / Multiple Choice Easy Difficulty
Question 4 NECO • 2024 • ECONOMICS • objective

If the price of a good rises from \(\,200\) ₦ to \(\,250\) ₦ and the quantity demanded falls from 1,200 units to 960 units, calculate the price elasticity of demand using the midpoint method. State whether demand is elastic, inelastic, or unit elastic.

Answer Options

Correct Answer A. -1
B. -0.5
C. -1.2
D. -0.8
Correct Answer
A
Correct Option:
-1

About This Question

This is Neco 2024 Economics Question 4. It is one of the objective questions from the 2024 Neco Economics examination.

Difficulty level: Easy .

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