JAMB Economics 2023 Objective — Question 17

Question 17 of 40 from the Joint Admissions and Matriculation Board (JAMB) Economics 2023 Objective paper, with the correct answer and a full explanation.

The elasticity of demand is

A. (A) 1.0
B. (B) 0.10
C. (C) 10
D. (D) 0.5Correct

Explanation

Using %change in quantity demanded ÷ %change in price (e.g. from the table, 20% ÷ 40%), the price elasticity of demand = 0.5.

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