Neco Model Questions Vol1 2023 Economics Question 10
Practice objective / multiple choice question 10 from the 2023 Neco Model Questions Vol1 Economics examination.
When the price of a product rises from \(\text{₦}200\) to \(\text{₦}250\), the quantity demanded falls from 1,200 units to 960 units. Using the midpoint method, calculate the price elasticity of demand, state whether demand is elastic, inelastic or unitary, and indicate the percentage change in total revenue.
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About This Question
This is Neco Model Questions Vol1 2023 Economics Question 10. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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