a bakery would be willing to supply 500 donuts per day at a price of 50 cents each. At a price of 80 cents, the bakery is willing to supply 1100 donuts. Using the midpoint method, the price elasticity for donuts is about

a) 1.63 and supply is elastic

b)0.62 and supply is inelastic

c) 1.63 and supply is inelastic

d) 0.62 and supply is elastic