WAEC Economics 2013 Objective — Question 45
Question 45 of 50 from the West African Examinations Council (WAEC) Economics 2013 Objective paper, with the correct answer and a full explanation.
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Which of the following can be used to calculate the price elasticity of demand?
- A. percentage change in quantity demanded / percentage change in priceCorrect
- B. percentage change in price / percentage change in quantity demanded
- C. percentage change in quantity demanded / percentage change in income
- D. percentage change in income / percentage change in quantity demanded
Explanation
Price elasticity of demand = percentage change in quantity demanded ÷ percentage change in price.
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