If demand function for a product is Qd = 30 - 4P, and the price
ECONOMICS
JAMB 2023
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?
- A. 1.14
- B. 7.1
- C. 14.1
- D. 1.7
Correct Answer: A. 1.14
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