Neco Model Questions Vol1 2020 Economics Question 28
Practice objective / multiple choice question 28 from the 2020 Neco Model Questions Vol1 Economics examination.
The price of a commodity rises from \(\text{₦}200\) to \(\text{₦}250\) and the quantity demanded falls from \(5{,}000\) units to \(4{,}000\) units. Calculate the price elasticity of demand using the midpoint formula and state whether demand is elastic, inelastic or unit‑elastic (give the elasticity value).
Answer Options
About This Question
This is Neco Model Questions Vol1 2020 Economics Question 28. It is one of the objective questions from the 2020 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.