Neco Model Questions Vol1 2024 Economics Question 2
Practice objective / multiple choice question 2 from the 2024 Neco Model Questions Vol1 Economics examination.
The price of a commodity rises from ₦120 to ₦134, and as a result the quantity demanded falls from 500 units to 470 units. Calculate the price elasticity of demand using the midpoint (arc) formula and state whether demand is elastic, inelastic or unit‑elastic.
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About This Question
This is Neco Model Questions Vol1 2024 Economics Question 2. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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