| Price(₦) | Quantity Demanded |
| 8 | 10 |
| 6 | 12 |
If we move from 8 to 6, the elasticity of demand is_______
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Correct Answer: Option C
Explanation:
Where P = PriceQ = Quantity Demanded[br /]Therefore,
= -25%
= 20%
| Ïd | = | % Δ in P[hr /] % Δ in Q |
Where P = PriceQ = Quantity Demanded[br /]Therefore,
| % | Δ | in | P | = | 6 - 8[hr /] 8 | × | 100 |
| % | Δ | in | Q | = | 12 - 10[hr /] 10 | × | 100 |
| Ïd | = | -25/ 20 | = | -1.25 | = | 1.25 |