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WAEC Economics 2014 Question 30

Question 30

Elasticity

Due to an increase in price, a seller increases the quantity offered for sale from 400 units to 450 units. What is the percentage change in quantity supplied?

  1. A.1%
  2. B.7.5%
  3. C.12.5%
  4. D.20%.
Show the answer and explanation

Answer: C (12.5%)

Explanation

(450 − 400)/400 × 100 = 12.5%.