Price Elasticity of Supply Exercise 1 (Algo) The table and graph below describe the supply of umbrellas per month in Peoria. Supply of Umbrellas Price Quantity of Umbrellas (dollars) Supplied $140 3,000 120 2, 400 100 1, 800 80 1, 200 60 600 40 0 Instructions: Round your answers to two decimal places. ices a. Using the regular percentage change method, the price of umbrellas increases from $60 per umbrella to $80 per umbrella? Price increases by Quantity supplied increases by % Therefore, the elasticity of supply is b. Using the regular percentage change method, the price of umbrellas falls from $120 per umbrella to $100 per umbrella. Price decreases by 1% Quantity supplied decreases by 1% Therefore, the elasticity of supply is[ c. If the elasticity of supply for umbrellas is 1.1, then an increase in the price of umbrellas of 30% will (Click to select) | the quantity supplied by %