Neco Model Questions Vol1 2022 Economics Question 43
Practice objective / multiple choice question 43 from the 2022 Neco Model Questions Vol1 Economics examination.
The price of rice rises from \(\text{₦}200\) to \(\text{₦}250\) per kilogram and the quantity demanded falls from 5 000 kg to 4 000 kg. Using the midpoint 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 43. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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