Economics
WAEC 2013
Which of the following can be used to calculate the price elasticity of demand?
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A.
\(\frac{\text{percentage change in quatity demand}}{\text{percentage change in price}}\)
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B.
\(\frac{\text{percentage change in price}}{\text{percentage change inquantity demand}}\)
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C.
\(\frac{\text{percentage change in quality demand}}{\text{percentage change in income}}\)
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D.
\(\frac{\text{percentage change in income}}{\text{percentage change in quantity demand}}\)
Correct Answer: Option A
Explanation
The price elasticity of demand is calculated as the;
percentage change in quantity demanded
percentage change in price
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