JAMB Economics 2011 Objective — Question 19
Question 19 of 49 from the Joint Admissions and Matriculation Board (JAMB) Economics 2011 Objective paper, with the correct answer and a full explanation.
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[Table: Price(N) 1-60(bags), 2-120(bags)] From the table above, the price elasticity of supply is
- A. A. 25
- B. B. 1Correct
- C. C. 2
- D. D. 4
Explanation
%Δq/%Δp = (120-60)/(2-1) x 1/60, i.e. Δq/Δp x p/q = 60/1 x 1/60 = 1.
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