Calculate the price elasticity of supply in the following examples, then determine if supply is relatively elastic or inelastic, or perfectly elastic or inelastic. When the price of a pen increased from $3.00 to $4.00, the quantity supplied by a firm increased from 100 to 150 pens. The price elasticity of supply is (Round your response to two decimal places.) In this case, the price elasticity of supply is When the price of bottled water increased from $3.00 to $4.00, the quantity supplied by a firm increased from 300 to 320 bottles. The price elasticity of supply is (Round your response to two decimal places.) In this case, the price elasticity of supply is Even though the price of an acre of land increased from $6.000 to $10,000, the quantity supplied did not change. The price elasticity of supply is. (Round your response to two decimal places.) In this case, the price elasticity of supply is relatively elastic relatively inelastic perfectly inelastic perfectly elastic