Question

if the price of the good doubles and quantity supplied triples in elasticity
a) demand elasticity
b) demand in inelastic
c) supply in inelastic
d)supply in elastic

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Answer 1

Answer:

mark AS BRAINLIEST PZ❤

Explanation:

Question

if the price of the good doubles and quantity supplied triples in elasticity

a) demand elasticity

b) demand in inelastic

c) supply in inelastic

d)supply in elastic

Answer

supply in inelastic

Answer 2

If the price of the good doubles and the quantity supplied triples in elasticity, the supply is elastic. (Option d)

• The supply of a commodity is elastic when the change in the quantity supplied exceeds the change in the price of the commodity.
• In this case, the supply elasticity is larger than one, implying that supply will be positive.
• The law of supply states that if the price of a commodity falls, supply will fall as well because the producer will not want to sell more of his goods at a low profit; however, if the price of a commodity rises, supply will rise as well because the producer will now willingly sell more of his goods as he will earn a higher profit.