question archive Assume the demand being perfectly inelastic, and supply suddenly doubles due to the innovative technique of production
Assume the demand being perfectly inelastic, and supply suddenly doubles due to the innovative technique of production
Subject:EconomicsPrice:2.88 Bought3
Assume the demand being perfectly inelastic, and supply suddenly doubles due to the innovative technique of production. Illustrate in a well-labeled graph, the changes in the equilibrium price, and quantity, and also is it advisable to do so from a supplier point of view.
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