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

Question 41 :

• JAMB 1998

Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is?

A. 0.25
B. 0.40
C. 4.00
D. 25.00

Question 42 :

• JAMB 1999

In the table, the income elasticity of clothing is

A. 0.5
B. 2.0
C. 2.5
D. 5.0.l

Question 43 :

• JAMB 1999

Use the diagram above to answer this question. Points E₆ and E₅ are respectively equilibrium points for

A. D_o and S_o D _o and S₂
B. D₁ and S₂; D₂ and S_o
C. D₂ and S₁;D₂ and S₂
D. D₂ and S_oD_o and S₂

Question 44 :

• JAMB 2000

Use the information below to answer questions.
When commodity X sold for N25 per unit, 50 units of commodity Y were purchased. With an increase in the price of commodity X to N50 per unit, the demand for commodity Y fell to 20 units.
Determined the cross elasticity of demand?

A. 1.7
B. 0.6
C. -0.6
D. -1.7

Question 45 :

• JAMB 2001

If the price elasticity of demand for a good is 0.43, an increase in the price of the good will result in?

A. An increase in profit by 43%
B. A net gain
C. A decrease in profit 43%
D. A net loss