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1. Waterfront homes have an inelastic supply and electric scooters have an elastic supply. Suppose that a rise in population doubles the demand for both products.
Elastic supply means that a good or service may increase or decrease its supply in response to the changes in their respective prices
Inelastic supply means that a good or service in which its supply does not increase or decrease in response to the changes in their respective prices
a) Graph the scenario for waterfront homes. Graph the scenario for electric scooters. What happens to the equilibrium price and quantity in each market?
b) Which product experiences a larger change in price? Why? Explain the role of elasticity in the change.
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