Neco Model Questions Vol1 2021 Economics Question 21
Practice objective / multiple choice question 21 from the 2021 Neco Model Questions Vol1 Economics examination.
A good's price increases from \(\text{₦}200\) to \(\text{₦}250\) and its quantity demanded falls from 500 units to 400 units. Using the midpoint (arc) formula, calculate the price elasticity of demand.
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About This Question
This is Neco Model Questions Vol1 2021 Economics Question 21. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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