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WAEC Economics 2007 Question 14

Question 14

Elasticity

Use the following demand schedule to answer the question.
Price (N) | Quantity Demanded
15 | 60
13 | 70
The percentage change in quantity demanded is

  1. A.12.7%
  2. B.15.7%
  3. C.16.7%
  4. D.19.7%.
Show the answer and explanation

Answer: C (16.7%)

Explanation

Change = 70 − 60 = 10; 10/60 × 100 = 16.7%.