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United StatesMicroeconomicsQuick questions
Unit 2: Supply and Demand
Quick questions on Price Elasticity of Demand - AP Microeconomics Topic 2.3
2short Q&A pairs drawn directly from our worked dot-point answer. For full context and worked exam questions, read the parent dot-point page.
What is q1?Show answer
A 5 percent rise in price causes a 15 percent fall in quantity demanded. Calculate the elasticity and classify the demand. [2 points]
What is q2?Show answer
A firm with inelastic demand wants to raise total revenue. State whether it should raise or lower price. [1 point]
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