NECO GCE Economics 2025 Questions and Answers

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NECO Economics 2025 Date

According to the NECO timetable, The NECO Economics 2025 Paper will hold on 10th December, 2025

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NECO GCE ECONOMICS 2025

NUMBER TWO

(2a)
Initial Income (Y₁) = ₦125,000
New Income (Y₂) = ₦165,000
Initial Quantity (Q₁) = 200 loaves
New Quantity (Q₂) = 300 loaves

Change in Income = 165,000 – 125,000 = ₦40,000
Change in Quantity = 300 – 200 = 100 loaves

Percentage Change in Quantity =
100/200 × 100 = 50%
Percentage Change in Income =
40,000/125,000 × 100 = 32%
YED = 50/32 =1.56

Therefore, the coefficient of income elasticity of demand = 1.56

(2b)
The elasticity of demand is income elastic.
Reason: Since the coefficient (1.56) is greater than 1, demand increases more than proportionately with increase in income.

(2c)
Bread is a normal good (necessary commodity) because demand for it increases as income increases.

(2d)
(PICK ANY TWO)
(i) It helps the government in fixing taxation policies.
(ii) It helps producers in fixing the prices of goods.
(iii) It helps businessmen to predict changes in demand.
(iv) It is useful in wage determination.
(v) It guides producers on how much to produce.
(vi) It helps in understanding consumer behaviour.

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Conclusion

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