EconomicsTheory of demandWAEC
When the price of a good rises from ₦100 to ₦120, quantity demanded falls from 50 to 40 units. Find the price elasticity of demand.
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Answer: B. 1
%ΔQ = 10/50 = 20%; %ΔP = 20/100 = 20%; elasticity = 20/20 = 1 (unitary).
An AdmitMe practice question, written for the WAEC syllabus. Not an official past question.