Will increasing RAM of my laptop with Core i3 processor, from 3gb to 8gb, speed up my laptop?

I have a Dell Inspiron n5110. It has a Core i3 processor, and 3gb RAM. I have been told that I can install a maximum of 8gb RAM in my system.

When I run Android Studio on it (while a Google Chrome browser with like 5 tabs open, and a Genymotion emulator are running as well), it is PAINFULLY slow. Eclipse used to run fine.

So if I increase the RAM of my system, will it let me run Android Studio smoothly? That is to say, can increasing the RAM increase my laptop speed by (ideally, atleast) 3 folds?

NOTE: If the information I have provided is not enough, please tell me what other information should I provide?

Note: If this can not be answered here, where should I go? who can answer that for me accurately, so that I can make a decision?

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