Neco Model Questions Vol1 2017 Economics Question 48

Practice objective / multiple choice question 48 from the 2017 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2017 Economics Objective / Multiple Choice Easy Difficulty
Question 48 NECO_MODEL_QUESTIONS_VOL1 • 2017 • ECONOMICS • objective

The price of a product rises from ₦200 to ₦250 and its quantity demanded falls from 5 000 units to 4 200 units. Calculate the price elasticity of demand and indicate whether demand is elastic, inelastic or unitary.

Answer Options

A. -1.20 (elastic)
Correct Answer B. -0.64 (inelastic)
C. -0.30 (inelastic)
D. -1.00 (unitary)
Correct Answer
B
Correct Option:
-0.64 (inelastic)

About This Question

This is Neco Model Questions Vol1 2017 Economics Question 48. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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