Neco Model Questions Vol1 2022 Economics Question 47
Practice objective / multiple choice question 47 from the 2022 Neco Model Questions Vol1 Economics examination.
In a certain market, the price of a product falls from \(\₦500\) to \(\₦400\). As a result, the quantity demanded rises from \(2{,}000\) units to \(2{,}600\) units, while the quantity supplied falls from \(2{,}500\) units to \(2{,}100\) units. Using the midpoint (arc) method, calculate the price elasticity of demand and state whether demand is elastic, inelastic or unitary.
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This is Neco Model Questions Vol1 2022 Economics Question 47. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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