when the price of a given product is reduced from N100 to N90, the quantity demanded increases from 50 to 60 units. From this we can conclude that the produ...

Assessment: WAEC SSCE - Economics - 1997 (Objective) Subject: Economics

Question 1 Report

when the price of a given product is reduced from N100 to N90, the quantity demanded increases from 50 to 60 units. From this we can conclude that the product's
Answer Details
The given scenario demonstrates that when the price of the product is reduced, the quantity demanded increases. This implies that the consumers are sensitive to the price changes of the product, and a small change in price leads to a relatively larger change in the quantity demanded. Therefore, the product's demand is elastic.
Read lesson note on The Theory Of Production (JAMB)
Read lesson note on Economics As A Science (JAMB)
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