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If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied...

Economics
JAMB 2016

If price of yams decreases from N15.00 per tuber to N13.50 and the quantity supplied decreases by 20%. What is the elasticity of supply?

  • A. 2.00
  • B. 0.50
  • C. 1.50
  • D. 1.00
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Correct Answer: Option B
Explanation

percentage change in price divided by % change in quantity supply 15.00-13.50=1.5

1.5 ÷13.50 x (100)
=11.11% ÷ 20%= 0.1111 ÷ 0.2
0.55555..
=0.5ans

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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