Provide a brief explanation for the answer below.

The price elasticity of the supply of teenage labor services is approximately 1.36. Suppose the minimum wage rises from $7.25 per hour to $8.75. Using the midpoint formula, what is the approximate change in the quantity of teenage labor supplied?

A) 7.3 percent

B) 14.4 percent

C) 25.5 percent

D) There is insufficient information to answer the question.

Answer:C