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If the price of a bicycle changes from N120 to N80 and quantity bought changes...

Economics
JAMB 2013

If the price of a bicycle changes from N120 to N80 and quantity bought changes from 300 to 500 units, the elasticity of demand for bicycle is

  • A. 66.7
  • B. 0.5
  • C. 1.5
  • D. 2.0
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Correct Answer: Option D
Explanation

change in price = 120- 80 = 40

change in quantity = 500 - 300 = 200

% change = 40/100 = 0.4

200/100 = 2

0.4/2 = 0.2

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