Determine the price elasticity of demand if the price of yam tuber rises by 10% (0.1) and the quantity demanded falls by 5% (0.05)

Assessment: WAEC SSCE - Agricultural Science - 2016 (Objective) Subject: Agricultural Science

Question 1 Report

Determine the price elasticity of demand if the price of yam tuber rises by 10% (0.1) and the quantity demanded falls by 5% (0.05)
Answer Details
The price elasticity of demand measures the responsiveness of quantity demanded to a change in price. It is calculated as the percentage change in quantity demanded divided by the percentage change in price. In this case, the percentage change in price is 10% (0.1) and the percentage change in quantity demanded is -5% (-0.05) because the quantity demanded falls when the price rises. Therefore, the price elasticity of demand is: |-0.05 / 0.1| = 0.5 The answer is option (A) 0.5.
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