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Supply and demand, elasticity, GDP and the Fed: Kuest teaches micro and macro step by step, with graphs explained until you can draw them yourself.

4.87on iOS13,917,000+students already study with Kuest

topics
10
Courses
AP Micro, AP Macro
Exam length
2h 10m each
Score range
1–5

See how Kuest teaches it

It asks before it tells, so you do the thinking and it sticks.

You: Price rises 10% and quantity demanded falls 20%. Is demand elastic?
Kuest: Let's compute it. Price elasticity of demand compares two percentage changes. Which one goes on top?
You: Price over quantity, so 10 divided by 20 is 0.5. That means demand is inelastic.
Kuest: Close, just flipped: it's percentage change in quantity demanded over percentage change in price. Try it again that way.
You: 20 divided by 10 is 2. That's greater than 1, so demand is elastic.
Kuest: Right. And since quantity fell by more than price rose, what happens to the seller's total revenue?
You: It goes down, because they lose more sales than they gain from the higher price.

Elasticity is %Δ quantity over %Δ price; above 1 means elastic, so raising price lowers total revenue.

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The method

How to study Economics with Kuest

Economics is a set of models, and you learn a model by using it. Draw the graph yourself, predict what shifts before checking, and practice the chain of cause and effect until you can explain it in order.

  1. Learn one model at a timeTutor chat

    Start with supply and demand, then build up. Ask Kuest why each curve slopes the way it does.

  2. Draw and shift the graphsGraphs

    Plot curves, shift them and read the new equilibrium, so graphs become a tool instead of something to memorize.

  3. Work through homework problemsSnap a photo

    Snap an elasticity or GDP problem and solve it step by step with hints, not handed-over answers.

  4. Lock in formulas and termsFlashcards

    Review formulas like elasticity and the spending multiplier, plus key terms, with spaced flashcards.

  5. Predict the chain of effectsQuizzes

    Take quizzes that ask what happens next when a tax, subsidy or policy change hits a market or the economy.

  6. Rehearse free responsesMock exams

    Answer multi-part questions with labeled graphs in a timed mock exam, then review what each part needed.

What you'll cover

Tap a topic to learn it now.

  1. 01Scarcity and opportunity costUse production possibilities curves to explain trade-offs and comparative advantage
  2. 02Supply and demandPredict how shifts in supply or demand change equilibrium price and quantity
  3. 03ElasticityCalculate elasticity and predict how a price change affects total revenue
  4. 04Costs and perfect competitionRead cost curves and find where a firm maximizes profit at MR = MC
  5. 05Imperfect competitionCompare monopoly, oligopoly and monopolistic competition using graphs and game theory
  6. 06Market failure and governmentExplain externalities, public goods and when taxes or subsidies fix them
  7. 07GDP, inflation and unemploymentMeasure the economy and tell nominal from real values
  8. 08Aggregate demand and supplyUse the AD-AS model to explain recessions, inflation and long-run growth
  9. 09Money, banking and monetary policyExplain how the Fed's tools change the money supply and interest rates
  10. 10Fiscal policy and tradeAnalyze government spending, taxes, exchange rates and the balance of payments

Try asking

Tap a question and Kuest starts teaching it, step by step.

Helps you prepare for

  • AP Microeconomics
  • AP Macroeconomics
  • Economics finals
  • Intro college economics

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$10a month, billed yearly

  • Every subject and exam on this site
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  • Quizzes, flashcards, podcasts and mock exams

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