Test Index

JAMB Economics 2023 Paper

Question : 64

Total: 79

Solution:

e = $\frac{\Delta Q}{\Delta P} \times \frac{p}{q}$

where ∆Q = Q2 - Q1 and ∆P = P2 - P1

e = $\frac{30 - 20}{6 - 8} \times \frac{8}{20}$

= -2 since price elasticity of demand is always positive, then e = 2

Go to Question:

Prev Question

Next Question