Neco Model Questions Vol1 2022 Economics Question 15
Practice objective / multiple choice question 15 from the 2022 Neco Model Questions Vol1 Economics examination.
The price of a product rises from \(\text{₦}200\) to \(\text{₦}250\) and the quantity demanded falls from 5,000 units to 4,000 units. Using the midpoint (arc) method, calculate the price elasticity of demand and state whether demand is elastic, inelastic or unit‑elastic.
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About This Question
This is Neco Model Questions Vol1 2022 Economics Question 15. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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