EconomicsTheory of demandWAEC
If the price of a good rises from ₦10 to ₦12 and quantity demanded falls from 100 to 80 units, the price elasticity of demand is
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Answer: C. 1.0
%ΔQ = 20%, %ΔP = 20%, so elasticity = 20 ÷ 20 = 1 (unitary).
An AdmitMe practice question, written for the WAEC syllabus. Not an official past question.