How much would goods price be if its supply doubled, Microeconomics

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How much would goods price be if its supply doubled

Problem

1. If the demand for a good is perfectly elastic and its price is $20, how much would its price be if its supply doubled?

2. (a) The demand for a product is perfectly inelastic and the supply of the product is perfectly elastic. If its equilibrium price is $15, draw a graph. (b) On the same graph, show a new equilibrium price of $30.

The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.

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