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WAEC Economics 2025 Paper

Question : 11

Total: 50

10 to

Solution:

Concept:

Price elasticity of supply measures how responsive quantity supplied is to a change in price.

Explanation:

Calculate percentage change in quantity supplied:

\frac{120-50}{50} \times 100 = 140\%

Calculate percentage change in price:

\frac{20-10}{10} \times 100 = 100\%

Price elasticity of supply

= \frac{140\%}{100\%} = 1.4

Since

1.4 > 1

, supply is elastic, meaning quantity supplied responds strongly to the price change.

Answer:

B. fairly elastic

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