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WAEC Economics 2008 Question 11

Question 11

Elasticity

If the co-efficient of elasticity of demand is 1.5, then the demand is

  1. A.fairly inelastic
  2. B.perfectly elastic
  3. C.elastic
  4. D.inelastic.
Show the answer and explanation

Answer: C (elastic)

Explanation

A coefficient greater than 1 means demand is elastic.