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If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases ...

If the prices of a commodity increases from N8.00 to N10.00 and the demand decreases from 100 to 80 respectively, what is the price elasticity of demand for the commodity?
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  • A 0.5
  • B 0.8
  • C 1
  • D 1.5
  • E 1.8
Correct Answer: Option B
Explanation:

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