Waec Model Questions Vol1 2023 Economics Question 37
Practice objective / multiple choice question 37 from the 2023 Waec Model Questions Vol1 Economics examination.
The demand for a product is given by Q = 500 - 4P, where Q is quantity demanded and P is price (Naira). The government imposes a specific tax of N20 per unit, which raises the price paid by consumers by N20. Initially the price was N50. Using the midpoint (arc) method, calculate the price elasticity of demand after the tax (to two decimal places) and state whether demand is elastic, inelastic or unit‑elastic.
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About This Question
This is Waec Model Questions Vol1 2023 Economics Question 37. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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