A 10 percent increase in the price of a good increased the quantity supplied of the good by 1 percent after one month and by 25 percent after one year.

1. Is the supply of this good elastic, unit elastic, or inelastic? Is this good likely to be produced using factors of production that are easily obtained? What is the price elasticity of supply of this good?

2. What is the price elasticity of supply after one year? has the supply of this good become more elastic or less elastic? Why?