When a kilogram of carrot is ₦8.00, 20 kilograms are demande…

Source: JAMB · 2023

When a kilogram of carrot is ₦8.00, 20 kilograms are demanded and when the price decreased to ₦6.000 per kilogram, 30 kilograms are demanded. The elasticity of demand equals to

  1. 11
  2. 12
  3. 2 ✓
  4. 1/2
Explanation

This answer correctly explains the economic concept. Economics studies how people make choices about limited resources.

The other options describe different economic ideas or situations. They don’t fit what this question asks.

Remember this economic principle when thinking about money, trade, and how markets work.

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