Waec Model Questions Vol1 2021 Economics Question 32

Practice objective / multiple choice question 32 from the 2021 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2021 Economics Objective / Multiple Choice Easy Difficulty
Question 32 WAEC_MODEL_QUESTIONS_VOL1 • 2021 • ECONOMICS • objective

The price of rice rises from ₦200 to ₦250 per kilogram and the quantity demanded falls from 5,000 kg to 4,000 kg. Using the midpoint (arc) method, calculate the price elasticity of demand for rice. State the elasticity value (to two decimal places).

Answer Options

A. -1.25
B. -0.80
C. -0.50
Correct Answer D. -1.00
Correct Answer
D
Correct Option:
-1.00

About This Question

This is Waec Model Questions Vol1 2021 Economics Question 32. It is one of the objective questions from the 2021 Waec Model Questions Vol1 Economics examination.

Difficulty level: Easy .

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