Neco 2024 Economics Question 7

Practice objective / multiple choice question 7 from the 2024 Neco Economics examination.

Neco 2024 Economics Objective / Multiple Choice Easy Difficulty
Question 7 NECO • 2024 • ECONOMICS • objective

When the price of good X falls from ₦200 to ₦150, the quantity demanded rises from 400 units to 560 units. Using the midpoint method, calculate the price elasticity of demand and state whether demand is elastic, inelastic or unitary.

Answer Options

A. -2.45 (elastic)
B. -1.00 (unitary)
C. -0.85 (inelastic)
Correct Answer D. -1.17 (elastic)
Correct Answer
D
Correct Option:
-1.17 (elastic)

About This Question

This is Neco 2024 Economics Question 7. It is one of the objective questions from the 2024 Neco Economics examination.

Difficulty level: Easy .

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