12. Elastic and inelastic supply The following graph plots a supply curve for some hypothetical good. ? Y 360 Supply PRICE (Dollars per unit) X 180 W 24 27 QUANTITY (Units)For each of the regions, use the midpoint method to identify whether the supply of this good is elastic or inelastic. Region Elastic Inelastic Between X and O O Between V and W O [ True or False: As firms reach near maximum capacity at high levels of quantity supplied, supply becomes less elastic because firms may need to invest in additional capital in order to further increase production. O True O False