The table below gives the market demand schedule for commodity X.
If the price of a commodity X falls from ₦40.00 to ₦30.00, what is the price elasticity of demand?

\begin{tabular}{|l|l|}
\hline Price (N) & Quantity (million unit) \\
\hline 60 & 100 \\
\hline 50 & 140 \\
\hline 40 & 220 \\
\hline 30 & 260 \\
\hline 20 & 300 \\
\hline 10 & 340 \\
\hline
\end{tabular}

A. 0.62
B. 0.73  
C. 1.00
D. 1.50

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Correct Answer: B