Waec Model Questions Vol1 2020 Economics Question 28
Practice objective / multiple choice question 28 from the 2020 Waec Model Questions Vol1 Economics examination.
The price elasticity of demand for a product is given by ε = -0.4P + 8, where P is the price in Naira. At a price of N30, a firm is considering a 10% increase in price. Will total revenue increase or decrease, and by approximately what percentage will it change?
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About This Question
This is Waec Model Questions Vol1 2020 Economics Question 28. It is one of the objective questions from the 2020 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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