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100 Level Department of Arts and Social Sciences exam questions and detailed answers. Download the answers in document format. Correct, detailed, and straightforward answers.
Questions:
(a) What is Elasticity?
(b) The price of mango decrease from N60 to N50, this makes the quantity of mango demand to increase from 10 to 14 mangos. Calculate the co-efficient of
(i) Point – price elasticity of demand
(ii) Arc – price elasticity of demand
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