onsider two markets: the market for coffee and the market for hot cocoa. The initial equilibrium for both markets is the same, the equilibrium price is $5.50$5.50, and the equilibrium quantity is 41.041.0. When the price is $7.75$7.75, the quantity supplied of coffee is 69.069.0 and the quantity supplied of hot cocoa is 103.0103.0. For simplicity of analysis, the demand for both goods is the same.

Using the midpoint formula, calculate the elasticity of supply for hot cocoa. Please round to two decimalplaces.

Supply in the market for coffee is

There is not enough information to tell which has a higher elasticity.

less elastic than supply in the market for hot cocoa.

the same elasticity as supply in the market for hot cocoa.

more elastic than supply in the market for hot cocoa