ASSIGNMENT ON BFN 112/BAM 114-PRINCIPLES OF ECONOMICS 1 FOR FULL TIME

(a)  What is price elasticity of demand?

(b)  The following table shows the demand and supply of Sogbae, a consumer. Use the table to answer the questions that follow:

           

Price (N)	Quantity Demand	Quantity supply
550	4,750	5,750
500	5,000	5,000
450	5,250	42,500

i.                    Calculate the elasticity of demand when price was N550.

ii.                  State the nature of elasticity of demand in (i) above.

iii.                Calculate the elasticity of supply when price fell from N500 to N450.

iv.                State whether the supply in (iii) above is elastic or inelastic.

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                      PATRIOT ODUNARO B.J (08038454008)

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