If demand function for a product is Qd = 30 – 4P, and the pr…

JAMB Economics 2023 49 views

If demand function for a product is Qd = 30 – 4P, and the price and quantity of products is 4 and 14 respectively. What is the price elasticity of demand for the product?

  1. 1.14 ✓
  2. 1.7
  3. 14.1
  4. 7.1

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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