Neco Model Questions Vol1 2023 Economics Question 34
Practice objective / multiple choice question 34 from the 2023 Neco Model Questions Vol1 Economics examination.
The price of a commodity rises from \(\text{₦}200\) to \(\text{₦}250\) and the quantity demanded falls from 500 units to 400 units. Calculate the price elasticity of demand using the midpoint method and state whether demand is elastic, inelastic or unit elastic.
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About This Question
This is Neco Model Questions Vol1 2023 Economics Question 34. It is one of the objective questions from the 2023 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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