Neco Model Questions Vol1 2021 Economics Question 4
Practice objective / multiple choice question 4 from the 2021 Neco Model Questions Vol1 Economics examination.
The demand for bottled water is given by the linear equation \( Q = 120 - 4P \), where \( Q \) is quantity demanded in thousands of litres per day and \( P \) is the price in naira per litre. Compute the price elasticity of demand at a price of ₦10 per litre using the point‑elasticity formula, and state whether demand is elastic, inelastic or unit‑elastic at that price.
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About This Question
This is Neco Model Questions Vol1 2021 Economics Question 4. It is one of the objective questions from the 2021 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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