How does an increase in the price of a substitute good affect the equilibrium price and quantity in a market with elastic demand?

When the price of a substitute good increases, it often leads to more people wanting to buy the original good instead. This is because consumers look for alternatives that are now relatively cheaper. For example, if the price of butter goes up, people might start buying more margarine instead. As demand for margarine increases, the equilibrium price of margarine will rise, and suppliers will respond by producing more of it. Since demand is elastic, the quantity sold will increase significantly, showing how sensitive consumers are to changes in price.