Neco Model Questions Vol1 2017 Economics Question 29
Practice objective / multiple choice question 29 from the 2017 Neco Model Questions Vol1 Economics examination.
The price of a product falls from ₦500 to ₦400 and the quantity demanded rises from 2 000 units to 2 600 units. Using the midpoint method, calculate the price elasticity of demand. State the elasticity value to two decimal places and indicate whether demand is elastic, inelastic or unit‑elastic.
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About This Question
This is Neco Model Questions Vol1 2017 Economics Question 29. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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