Wednesday
March 29, 2017

Post a New Question

Posted by on .

Beach front resorts have an inelastic supply and automobiles have an elastic supply. Suppose that a rise in population doubles the demand for both products(that is the quantity demanded at each price is twice what it was)
a, what happens to the equilibrium price and quantity in each market?
b Which product experiences a larger change in price?
cWhich product experiences a larger change in quantity?
d What happens to total consumer spending on each product.

  • economics - ,

    Always keep in mind "the l aw of supply and demand."

    Sra

Answer This Question

First Name:
School Subject:
Answer:

Related Questions

More Related Questions

Post a New Question