Economics Past Questions and Answers

Demanded
8	10
6	12

If we move from 8 to 6, the elasticity of demand is_______

A retailer is distinguished by the nature of its sales, which is in___________

Given two substitute goods (X and Y) with demand and supply function;
Qd = 7p - 12
Qs = 4p + 9
Find the magnitude of excess demand when p = #18

If the demand for a commodity is perfectly elastic, the incidence of a tax on that commodity will be, other things being equal, entirely on the_______

Price(₦)	Quantity Demanded
8	10
6	12

If we move from 8 to 6, the elasticity of demand is_______