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2018 WAEC Economics Answer Now Available

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ECONONICS ANSWER

1-10 DEBECCCAAB
11-20 CEAEEDBEDC
21-30 EDEDBBBABC
31-40 DADCCDC***
41-50
51-60
(1a)Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price,
=======================
2a)
A = 18
B = 12
C = 11.2
D = 0
E = -2
2b)
=======================
(3a)Price elasticity of demand (PED or Ed) is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price
(3b) 1. Nature of goods
2. Availability of substitutes
3. Alternative use
=======================
4
Complementarity between Goods:Complementarity between goods or joint demand for goods also affects the price elasticity of demand. Households are generally less sensitive to the changes in prices of goods that are complementary with each other or which are jointly used as compared to those goods which have independent demand or used alone.
=======================
5a)
5b) – Time and Elasticity:
The element of time also influences the elasticity of demand for a



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