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WAEC Economics 2026 Question 40

Question 40

Elasticity

The formula for measuring own price elasticity of demand can be expressed as

  1. A.(ΔQd/ΔP) × (Qd/P)
  2. B.(ΔQd/ΔP) × (P/Qd)
  3. C.(ΔP/ΔQd) × (P/Qd)
  4. D.(ΔQdx/ΔPy) × (Py/Qdx)
Show the answer and explanation

Answer: B ((ΔQd/ΔP) × (P/Qd))

Explanation

Ed = (ΔQ/ΔP) × (P/Q).