The Bill of Rights. In 1789, Madison, then a member of the newly established U.S. House of Representatives, introduced 19 amendments to the Constitution. On September 25, 1789, Congress adopted 12 of the amendments and sent them to the states for ratification. Ten of these amendments, known collectively as the Bill of Rights, were ratified and became part of the Constitution on December 10, 1791.
If demand is inelastic, we know that the increase in price will cause quantity demanded to fall just a little. When price goes up, quantity demanded goes down, but not by much. To be precise, when demand is inelastic, the percentage change in quantity demanded is smaller than the percentage change in price.f price goes up and quantity remains unchanged, total revenue will rise. But the second effect is that quantity in fact will not remain unchanged. When price goes up, the quantity demanded (and therefore the quantity sold) goes down. And by itself, the lower quantity causes total revenue to go down.
And if the price goes down, the quantity demanded goes up. But what the Law of Demand does not tell us is how much the quantity demanded changes when the price changes. The Law of Demand tells us the direction in which quantity demanded will change, but it does not tell us the magnitude of that change.f price goes up and quantity remains unchanged, total revenue will rise. But the second effect is that quantity in fact will not remain unchanged. When price goes up, the quantity demanded (and therefore the quantity sold) goes down. And by itself, the lower quantity causes total revenue to go down.