Neco Model Questions Vol1 2018 Economics Question 36
Practice objective / multiple choice question 36 from the 2018 Neco Model Questions Vol1 Economics examination.
The price of a good rises from \(\text{₦}200\) to \(\text{₦}250\) and the quantity demanded falls from 500 units to 400 units. Using the midpoint (arc) method, calculate the price elasticity of demand and state whether demand is elastic, inelastic or unitary.
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About This Question
This is Neco Model Questions Vol1 2018 Economics Question 36. It is one of the objective questions from the 2018 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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