Problem
1. If the demand for a good is perfectly elastic and its price is $20, how much would its price be if its supply doubled?
2. (a) The demand for a product is perfectly inelastic and the supply of the product is perfectly elastic. If its equilibrium price is $15, draw a graph. (b) On the same graph, show a new equilibrium price of $30.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.