Illustrate what happens to equilibrium price and quantity

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Pharmaceutical drugs have inelastic demand, and computers have an elastic demand. Suppose that technological advance doubles the supply of both products (that is, the quantity supplied at each price is twice what it was).

Illustrate what happens to the equilibrium price and quantity in each market?

Which product experiences a larger change in price?

Which product experiences a larger change in quantity?

Reference no: EM1353239

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