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Economics Jamb Past QuestionsQuestions and Answers on Types, nature and determinants of elasticity and their measurementQuestion 26 :The demand for a product is said to be price inelastic if? A. The price elasticity of demand is less than one B. The price elasticity of demand is greater than one C. A reduction in price results in increase in the quantity demanded D. An increase in price results in a decrease in the quantity demanded Question 27 :If the price of a ball point pen falls from N1.00 to N0.60 and the quantity demanded increases from 200 to 300, the point elasticity of demand is equal to? A. 1.25 B. 0.80 C. 0.50 D. 0.40 Question 28 :The cross-elasticity of demand between complementary goods is? A. Unitary B. Positive C. Zero D. Negative Question 29 :Demand is relatively inelastic A. At P2 range B. In the P2 P 4 price range C. At P3 only D. At any price below P2 Question 30 :If demand is relatively inelastic and sellers are able to raise the price of their commodity, then there we be a? A. Fall in both quantity of demand and total revenue B. Fall in the quantity demanded and rise in total revenue C. Fall in the quantity demanded and rise in marginal revenue D. Rise in both the quantity demanded and the marginal revenue |
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