Use the table below to answer question 17 and 18.
Market Demand Schedule for Commodity X. \(\begin{array}{c|c}
\text{ Price N} & \text{Quantity(Million units)} \\ 60 & 100 \\
50 & 140 \\
40 & 220 \\
30 & 260 \\
20 & 300 \\
10 & 340 \\
\end{array}\)
If the price of commodity X falls from N40.00 to N30.00 what is the price elasticity of demand?
a
0.62
b
0.73
c
1.00
d
1.50
Explanation
Correct Option
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Discussions (4)
Divyzikiel
2 months ago
old price----40 Old quantity----220
new price----20 New quantity---260 but their solving for quantity is saying otherwise
ifeeest
2 years ago
in the question it say 220 is for 40 and 260 is for 30 but the explanation says its the other
way wrong, please correct the question or the answer
