Let the initial resistance of the wire be \( R \). The power consumed, according to Joule's law, is \( P = \frac{V^2}{R} \), where \( V \) is the voltage.
When the wire is stretched to double its initial length, its resistance changes. The resistance of a wire is given by \( R = \rho \frac{L}{A} \), where \( \rho \) is resistivity, \( L \) is length, and \( A \) is cross-sectional area. If the length \( L \) doubles, the new resistance \( R' \) becomes \( R' = 2R \) because resistance is directly proportional to length.
The power consumed with the stretched wire is \( P' = \frac{V^2}{R'} \). Substituting \( R' = 2R \), we get \( P' = \frac{V^2}{2R} = \frac{P}{2} \). This implies the power consumed is halved.
However, stretching the wire reduces its cross-sectional area proportionally while keeping the volume constant. This further increases resistance. When the length doubles, the area halves, leading to a fourfold increase in resistance (\( R'' = \rho \frac{2L}{A/2} = 4 \rho \frac{L}{A} = 4R \)).
Consequently, the final power consumed after stretching is \( P'' = \frac{V^2}{R''} = \frac{V^2}{4R} = \frac{P}{4} \).
The correct answer is \( \frac{P}{4} \).