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WAEC Economics 2024 Question 9

Question 9

Elasticity

If the quantity demanded of rice decreased from 150 bags to 100 bags, the percentage change in quantity demanded is

  1. A.30.0%.
  2. B.33.3%.
  3. C.50.0%.
  4. D.66.7%.
Show the answer and explanation

Answer: B (33.3%.)

Explanation

50/150 × 100 = 33.3%.