Neco Model Questions Vol1 2021 Economics Question 15
Practice objective / multiple choice question 15 from the 2021 Neco Model Questions Vol1 Economics examination.
The price of a good increases 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. 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 2021 Economics Question 15. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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