WAEC Economics 2017 Theory — Question 2
Question 2 of 23 from the West African Examinations Council (WAEC) Economics 2017 Theory paper, with the correct answer and a full explanation.
Advertisement
1(a)(ii) What type of elasticity is it? Explain your answer.
Model answer
It is fairly price elastic. Since the price elasticity of demand is greater than 1, then it is fairly elastic demand. (Note: it would be perfectly elastic only if price elasticity = ∞.)
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.