it change in gasoline consumption would you predict in the long term? B. Price Elasticity of Supply - Health Care The nursing market has suffered a shortage for a number of years. One cause of this shortage is likely a relatively low supply of nursing instructors. (Note, in a market for nursing instructor labor, the nursing Instructors are the supply-side of the market and nursing schools are the demand side.) To increase the quantity of nursing instructors willing to teach, some social scientists are calling for a wage increase. Economists can do even better by advising a particular wage increase using their information that the elasticity of supply of nursing instructors is empirically estimated to be 1.1, 1 Define price elasticity of supply. 2. In the context of nursing instructors, what does the sign of the elasticity measure reflect? 3. What do bigger elasticities reflect as opposed to smaller clasticities? 4. Given the information above, is the supply of nursing instructors elastic or inelastic? 5. If the supply of instructors must increase 25%% to produce the Ideal amount of nurses, what wage Increase is required