EconomicsTheory of demandWAEC
The price elasticity of demand for a product is 0.4. A 10% rise in its price will reduce the quantity demanded by
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Answer: D. 4%
%ΔQ = elasticity × %ΔP = 0.4 × 10% = 4%.
An AdmitMe practice question, written for the WAEC syllabus. Not an official past question.