JAMB Economics 2014 Objective — Question 14
Question 14 of 50 from the Joint Admissions and Matriculation Board (JAMB) Economics 2014 Objective paper, with the correct answer and a full explanation.
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The table shows: Price(N) 8, 10; Quantity supplied 20, 24. From the table, calculate the price elasticity of supply.
- A. 1.25
- B. 0.50
- C. 0.80Correct
- D. 2.00
Explanation
Elasticity = (%Δ quantity)/(%Δ price) = (4/20×100)/(2/8×100) = 20/25 = 0.8.
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