If the quantity demanded of a commodity increases from 20 units to 30 units when...

JAMB 2022

If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from $4.00 to $5.00, the elasticity of demand is

A. 0.50
B. 0.65
C. 2.00
D. 2.50

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Correct Answer: Option C

Explanation

e = ∆Qd/∆P x P/Qd

= 30 - 20/ 5 - 4 x 4/ 20

= 10/1 x 4/20

= 2

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If the quantity demanded of a commodity increases from 20 units to 30 units when...

Correct Answer: Option C

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