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WAEC Economics 2026 Question 33

Question 33

Elasticity

If the demand for chicken is inelastic between October and December but elastic at other months in the year, then to increase total revenue, the farmer should

  1. A.reduce price throughout the year
  2. B.reduce price between October and December and increase price at other months in the year
  3. C.increase price throughout the year
  4. D.increase price between October and December and reduce price at other months in the year
Show the answer and explanation

Answer: D (increase price between October and December and reduce price at other months in the year)

Explanation

Raise price when demand is inelastic and cut it when demand is elastic.