Neco 2025 Economics Question 43

Practice objective / multiple choice question 43 from the 2025 Neco Economics examination.

Neco 2025 Economics Objective / Multiple Choice Easy Difficulty
Question 43 NECO • 2025 • ECONOMICS • objective

A consumer's income rises from \(\text{₦}50{,}000\) to \(\text{₦}60{,}000\) (a 20% increase) and the quantity demanded of a normal good rises from 200 units to 260 units. Calculate the income elasticity of demand for the good.

Answer Options

A. 0.8
Correct Answer B. 1.5
C. 1.2
D. 2.0
Correct Answer
B
Correct Option:
1.5

About This Question

This is Neco 2025 Economics Question 43. It is one of the objective questions from the 2025 Neco Economics examination.

Difficulty level: Easy .

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