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Home / Classroom / Economics / WAEC 2021 / 2021 WAEC Economics...

2021 WAEC Economics Theory (a)

De!ne price elasticity of demand (b)
Distinguish between elastic demand
and Inelastic demand (C)...
Economics WAEC 2021

(a) De!ne price elasticity of demand

(b) Distinguish between elastic demand and Inelastic demand

(C) Using diagrams. explain what happens to a traders total revenue demand for his product is:
(i) elastic
(ii) inelastic

Explanation
a) Price elasticity of demand is the degree of responsiveness of quantity demanded of a commodity to a change in its price
OR
%Change in quantity demanded
Price of elasticity of demand =
%change in price

△Q
OR Price elasticity of demand = △P X △P
△Q

b) Distinguish between elastic demand and inelastic demand:

Demand is said to be elastic when price results in a more than proportionate change in quantity demanded. On the other hand, demand
Said to be inelastic when a change in price results in a less than proportionate change in quantity demanded.

(c)(i) If demand for a trader's product is elastic, a fall in price will result in a more than proportional increase in quantity demanded. In
such a case, the traders total revenue will increase. This is illustrated below.

Total Revenue before price fall = area of OP1 TQ1

Total Revenue after price fall = area of OP2 RQ2

No description available.

(ii) If demand for a trader's product is inelastic. a fall in price will result in a less than proportionate increase in quantity demanded. In
such a case, total revenue of the trader will fall as illustrated below

Total Revenue before price fall = area of OP1 SQ1

Total Revenue after price fall = area of OP2 TQ2

No description available.

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Olabisi 
1 year ago

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