Waec Model Questions Vol1 2020 Economics Question 20

Practice objective / multiple choice question 20 from the 2020 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2020 Economics Objective / Multiple Choice Easy Difficulty

Question 20 WAEC_MODEL_QUESTIONS_VOL1 • 2020 • ECONOMICS • objective

The price of rice rises from ₦150 to ₦165 per kilogram and the quantity demanded falls from 800,000 kg to 720,000 kg per month. Using the midpoint (arc) formula, calculate the price elasticity of demand (rounded to two decimal places) and state whether demand is elastic, inelastic, or unit‑elastic.

Answer Options

Correct Answer A. -1.11, elastic

B. -1.33, elastic

C. -0.89, inelastic

D. -1.11, inelastic

Correct Answer

Correct Option:

-1.11, elastic

About This Question

This is Waec Model Questions Vol1 2020 Economics Question 20. It is one of the objective questions from the 2020 Waec Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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