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waecE-LEARNING
Economics Paper 2, Nov/Dec. 2012  
Questions: 1 2 3 4 5 6 7 8 9 10 11 12 Main
General Comments
Weakness/Remedies
Strength
Question 1

The demand for a firm’s product is presented as Qd = 28 – 4p.
            Prices over the period are $2.50; $3.50; $4.50; $5.50 and $7.00.

            Calculate:

  1. the quantity demanded at each price;
  2. the total revenue at each price;
  3. (i)         what is the coefficient of price elasticity of demand

when price increased from $2.50 to $3.50?               
            (ii)        is the demand elastic or inelastic ?                             

            (iii)       state the reason for your answer in 1(c)ii.
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Observation

This question was popular with the candidates.  Most of the candidates were able to carry out the tasks involved correctly.  Candidates performance in this question was above average.

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