(240)-343-2585

In each of the following instances, determine whether quantity supplied will increase or decrease, and by how much.a. If price elasticity of supply is 1.3 and price increases by 2 percent, quantity supplied will _____ by _____ percent.b. If price elasticity of supply is 0.3 and price decreases by 2 percent, quantity supplied will _____ by _____ percent.