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3. If a 3% change in price of an item leads to a 5% change in its quantity demanded, then what can be said about the demand of that items? 4. If the demand for an item is elastic and its price rises, what will be the impact on total revenue? 5. What effect is a three-cent-per-litre increase in the price of gasoline likely to have? 6. When both supply and demand are elastic, what will be the impact on price if supply decreases? 7. What could be true if a surplus exists in a market? 8. Describe what is the Consumer surplus? 9. What effect does an increase in price have on producer surplus