GCEEconomicsElasticity2021

a) Define price elasticity of demand. (2 marks) b) State and explain FOUR factors that determine the price elasticity of demand for a commodity. (8 marks) c) If the price of a commodity falls from ₦500 to ₦400 and as a result the quantity demanded rises from 200 units to 300 units, calculate the price elasticity of demand and comment on your result. (5 marks)

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