Types Nature And Determinants Of Elasticity And Their Measurement - Economics Jamb Past Questions and Answers

Question 31 :

• JAMB 1993

If the price elasticity of demand for a certain commodity is less than unity, then?

A. An increase in the price of the commodity will raise the total revenue of the producer
B. An increase in price leaves the total revenue unchanged
C. A decrease in price raises the total revenue of the supplier
D. A decrease in price leaves the total revenue constant

Question 32 :

• JAMB 1994

A demand which is positively related to price is true of?

A. Normal goods
B. Giffen goods
C. Ostentatious goods
D. Capital goods

Question 33 :

• JAMB 1994

Elasticity demand is an effective tool in the hands of a producer in that it enables him?

A. Raise his profit and lower his costs
B. Discourage buyers from cheating
C. Determine what he will produce
D. Set his price to maximize his profit

Question 34 :

• JAMB 1994

Elasticity of demand is an effective tool in the hand of a producer in that it enables him

A. Rise his profits and lower his, costs
B. Discourage buyers from cheating
C. Determine what he will produce
D. Set his price to maximize his profit

Question 35 :

• JAMB 1995

What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100?

A. 1.25
B. 1.45
C. 0.25
D. 0.15