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Thursday, 09 April 2026
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Use the table below to answer question 17 and 18. Market Demand Schedule for Commodity ...

Use the table below to answer question 17 and 18.
Market Demand Schedule for Commodity X. \(\begin{array}{c|c}
\text{ Price N} & \text{Quantity(Million units)} \\ 60 & 100 \\
50 & 140 \\
40 & 220 \\
30 & 260 \\
20 & 300 \\
10 & 340 \\
\end{array}\)
If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?
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  • A 0.62
  • B 0.73
  • C 1.00
  • D 1,50
Correct Answer: Option B
Explanation:

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