Price elasticity of demand - Jamb Economics Past Questions and Answers

Question 31:

• JAMB 2012

From the above, calculate the price elasticity of demand

A. 5.0
B. 2.0
C. 1.0
D. 0.5

Question 32:

• JAMB 2013

If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is

A. 66.7
B. 0.5
C. 1.5
D. 2.0

Question 33:

• JAMB 2013

From the graph above, the price elasticity of demand is

A. Unitarily elastic
B. Perfectly elastic
C. Perfectly inelastic
D. Fairly inelastic