Neco Model Questions Vol1 2024 Economics Question 9
Practice objective / multiple choice question 9 from the 2024 Neco Model Questions Vol1 Economics examination.
When the price of wheat rises from \(\mathrm{N}500\) to \(\mathrm{N}600\) per tonne, the quantity demanded falls from 2000 tonnes to 1500 tonnes. Using the midpoint (arc) method, calculate the price elasticity of demand for wheat.
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This is Neco Model Questions Vol1 2024 Economics Question 9. It is one of the objective questions from the 2024 Neco Model Questions Vol1 Economics examination.
Difficulty level: Easy .
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