J If the price of a good goes up by 10%, and in response, the quantity of demand falls by12%, what would the price elasticity of demand be? John Doe estimates that the price elasticityr of demand for new SUVs to be 0.?5. If the price of SUVs rose py15%; would the quantity' demanded of new SUVs rise or fall? By what percentage? If the elasticity of diamond necklaces is 3.5, would the demand for such necklaces be elastic or inelastic? According to the question above, you would expect the elasticity to be where on the demand curve? Does elasticity rise or fall as price rises? If a firm initially sold 2000 units for $25 each, then dropped the price to $20 and sold 2500 units, then